Vision:

Emerge as a globally recognized, credible and enhanced securities exchange, distinguished regionally and
globally in delivering innovative products and services
Prospect Bangladesh's economy by creating a platform for investors, through which they can trade fairly and
efficiently
Maintain diversity by providing a transparent and accessible platform and by rising to the latest international
standards in the field of financial markets to provide an attractive investment environment to a wide range of
stakeholders
Enable individuals to continue their professional development and assist companies to develop their human
capital and grow their relevant skills base
Foster market confidence and wealth maximization for investors, issuers and every stakeholder.

Mission:
To position as a crucial domestic and regional capital market, with a global reputation of confidence for issuers
to raise capital and for investors to trade securities and derivative products.
Provide infrastructures that enable fair, organized, transparent and efficient securities trading that is
accessible to a wide range of stakeholders.
Offer a diversified range of investment and trading opportunities for investors and members.
Enable easier fundraising for enterprises, ensuring safer investments for the public, fairer trading mechanisms,
more diversified financial products while introducing innovative products, expanding market scale and
providing more transparent corporate information.
Drive sustainable economic growth by providing a gateway for raising capital and accessing investment
opportunities, mobilizing domestic savings, allocating capital proficiency, reducing risk by diversifying, and
facilitating the exchange of goods and services
Comply with international standard of practices in the securities industry by focusing on keeping pace with the
dynamic financial and regulatory benchmarks and targeted training methodologies.
02 Provide domestic and international investors with access to listed companies.

• Increase business turnover

• Modernize trading system
• Ensure effective relationship management
• Achieve high level of Confidence & Professional
• Engage in product and market diversification
• Contribute to capital market policy development
• Dedicated and loyal team management.
 Corporate Directory
Board of Directors
Mr. Asif Ibrahim Chairman

Independent
Prof. S. M. Salamat Ullah Bhuiyan Director
Mr. S.M. Abu Tayyab Director
Mr. Sohail Mohammed Shakoor Director
Mr. Md. Liaquat Hossain Chowdhury, FCA, FCMA Director
Barrister Anita Ghazi Islam Director
Mr. Syed Mohammed Tanvir Director

Share Holder
Major (Retd.) Emdadul Islam Director
Mr. Md. Sayadur Rahman Director
Mr. Md. Siddiqur Rahman Director
Mr. Mohammed Mohiuddin, FCMA Director

Md. Ghulam Faruque Managing Director (Acting) 03

Company Secretary : Mr. Rajib Saha FCS

Committees Auditors
1 Audit and Risk Management Committee Hoda Vasi Chowdhury & Co.
2 Nomination and Remuneration Committee Chartered Accountants
3 Regulatory Affairs Committee
4 Conflict Mitigation Committee
5 Appeals Committee
 BANKERS
01 United Commercial Bank Limited 10 Al-Arafah Islami Bank Limited

02 Prime Bank Limited 11 AB Bank Limited

03 One Bank Limited 12 IFIC Bank Limited

04 NCC Bank Limited 13 Shahjalal Islami Bank Limited

05 Southeast Bank Limited 14 State Bank of India

06 Standard Chartered Bank 15 Pubali Bank Limited

07 Bank Asia Limited 16 Trust Bank Limited

08 The City Bank Limited 17 Sonali Bank Limited

04 09 Dutch Bangla Bank Limited

CSE offices
CSE Registered Office Dhaka Regional Office Sylhet Regional Office
CSE Building, 1080 Sk. Mujib Road, Eunoos Trade Center Ltd. (Level-15) Ananda Tower (3rd Floor)
Agrabad, Chattogram, Bangladesh. 52-53 Dilkusha C/A, Dhaka-1000 North Dhopadhigirpar
Tel : 88 031-714632-3, 720871-3, 726801-5 Tel : 88 02-9513911-20 Jail Road, Sylhet-3100
Fax : 88 031-714101, 726810 (CRO) Fax : 88 02-9513906 Tel : 88 0821-711860, 729590
e-mail : cse@cse.com.bd; info@cse.com.bd Fax : 88 0821 721214
website: www.cse.com.bd, ITS : www:bangladeshstockmarket.com
Performance at a glance

05
 Financial Highlights

06
Inside 08 Board of Directors

18 Senior Managers
20 Our Organisaion
21 Chairman’s Statement
24 Existing System
26 Market Information
30 Year Round Up
45 Corporate Governance Practices
52 Board Committees
62 Flash Back
69 Regulatory Affairs Division
79 Notice of the 25th Annual General Meeting
82 Directors’ Report

97 Auditor’s Report & Financial Statements :

98 i) Auditor’s Report
99 ii) Statement of Financial Position

100 iii) Statement of Comprehensive Income

101 iv) Statement of Changes in Equity

102 v) Statement of Cash Flows

103 vi) Notes to the Financial Statements
Mr. Mohammed Mohiuddin, FCMA
Shareholder Director
 Directors’ Profile
Asif Ibrahim was born in Dhaka, Bangladesh in
the year 1965. He received his formal education
from the University of Delhi (India) and the
University of North Texas (USA). Mr. Ibrahim is
the Vice Chairman of Newage Group of
Industries, a business house involved mainly in
manufacturing and exporting ready -made
garments, textiles and plastic products. The
Ministry of Commerce of the Government of
Bangladesh awarded him the Commercially
Important Person (CIP) status in the year 2007,
2012 and 2014 for his contribution in national
export.
Mr. Asif Ibrahim is the former President
(2011-2012) of Dhaka Chamber of Commerce
and Industry (DCCI), the largest SME Trade
Body of Bangladesh. He is the Former Founder
Mr. Asif Ibrahim Chairman (2012-2015) of Business Initiative
Chairman Leading Development (BUILD), a Public Private
Dialogue platform to expedite the policy
reforms to enable private sector led economic
growth of Bangladesh. Mr. Ibrahim served as a board member of Federation of Bangladesh
Chamber of Commerce and Industry (2012-2015) and was the Chairman of the Privatization
Standing Committee of FBCCI.
Mr. Ibrahim is a Director of Bangladesh Garments Manufactures and Exporters Association
(BGMEA) and Bangladesh Thai Chamber of Commerce and Industry (BTCCI). Mr. Ibrahim is a
member of UNESCAP Sustainable Business Network (ESBN) and is the Chairman of the
09
UNESCAP Sustainable Business Network Taskforce on Disaster and Climate Risk Reduction.
He was also a member of the Executive Committee of Bangladesh Employers’ Federation
(BEF) and a Director of Bangladesh Philippines Chamber of Commerce and Industry (BPCCI)).
He has previously been in the Board of France Bangladesh Chamber of Commerce and Industry
(CCIFB).
Mr. Ibrahim is a member of the Board of Advisers for BRAC Business School (BBS) under BRAC
University. He is also a Core Committee member of the Eminent Citizen’s platform to
implement the Sustainable Development Goals (SDGs) in Bangladesh.
He was also the President (2016-2018) of Bangladesh Professional Golfer’s Association
(BPGA).
 Prof. S. M. Salamat Ullah Bhuiyan is Dean of the
Faculty of Business Administration, University
of Chittagong and Professor of the Department
of Marketing, University of Chittagong. He
served as a Lecturer, Assistant Professor and
Associate Professor during the period of
October 1984 to June 1988, June 1988 to
January 1995, January 1995 to February 2001
accordingly. He has an experience to work as a
research fellow and teacher in various
renowned institutions like Institute of Forestry
under University of Chittagong, USTC, IIBT,
Bangladesh Open University, Premier University
and Institute of Chartered Accountants. He is
also a member of the Editorial Board of the
Prof. S. M. Salamat Ullah Bhuiyan Chittagong University Journal of Business
Independent Director Administration and Journal of Marketing
Studies, Department of Marketing, University of
Chittagong. Mr. Bhuiyan also worked as the
Executive Editor for 5 Volumes of The Marketer, Department of Marketing, University of
Chittagong. He is a life member of Forum'82 and Chittagong University Management
Association. He is also member of SGBS Alumni Association, Glasgow and Chittagong
University Senate. He has published more than 45 articles in various recognized journals.
Three books of him titles "Karma Goveshana (Operations Research)", "Karbari Gonit Parichiti
(Introduction to Business Matthematics)" and "Babasthapakeya Orthaniti (Managerial
Economics)" were also published by different publishers. Mr. Bhuiyan achieved
10 Commonwealth Academic Staff Scholarship for pursuing degree Leading to MBA in UK. He also
received Gul Meher Gold Medal for Securing 1st class 1st position in M. Com. (Final)
Examination and also being 1st class 1st in all the Faculties of the University of Chittagong.
He also worked as a Resource Person for imparting training to BPC Executives, the
Executives of Bangladesh Insurance Academy, entrepreneurship training at BSCIC and
executives of PDB.

Mr. S. M. Abu Tayyab
Independent Director
Member of Rotary Club of Chittagong, Bhatiari Golf & Country Club, Chittagong Senior’s Club
and Chittagong Boat Club, Life Member of Kidney Foundation, Ma-o Shisu Hospital Chittagong
and Diabetic Association Chittagong. He visited immense numbers of countries in the world.
Mr. Sohail Mohammed Shakoor
Independent Director
Mr. S.M. Abu Tayyab is a distinguished
businessman. He is Managing Director of
Independent Apparels Ltd. and Brother’s
Apparels Ltd. , Director of Mozaher
Aushadhalaya. He completed his education in
Bachelor of Science(B.Sc). He is involved with
various business forums, President of
International Business Forum Chittagong
Bangladesh, Former 1st Vice President of
Bangladesh Garments Manufacturers Exporter
Association (BGMEA) ,Former Director of
Chittagong Chamber of Commerce & Industry
and Member of Shipper’s Council of Bangladesh.
He is pertained with diversified social
activities, Chairman of Coordination Committee
China Bangladesh Peoples Friendship
Association Chittagong, Former Chairman of
Chittagong Club Limited,Vice President of
Nirapod Sharak Chai Central Committee,
President of Nirapod Sharak Chai Chittagong,
Mr. Sohail Mohammed Shakoor is a meritorious
student. He acquired Bachelor of Architecture
(B. Arch) Degree from Bangladesh University of
Engineering and Technology (BUET) in 1987. He
completed SSC from Faujdarhat Cadet College
securing 2nd position in the combined merit list
of all groups of Comilla Board in 1978 and HSC 11
from Faujdarhat Cadet College securing 1st
position in the Industrial Arts Group and 2nd
position in the combined merit list of all groups
of Comilla Board in 1980. He joined at Premier
University , Chittagong as Associate Professor
of Architecture Department in 2013. Promoted
as Professor on 1st January 2020. Since 2015
serving as the Chairman of Architecture
Department. He principal Architect & CEO at
Pronayon which is a leading architectural,
 Engineering, interior decoration, construction Management & Design-Build firm in
Chittagong. Chittagong Shopping Complex , Sholosahar, Chittagong (Chittagong City
Corporation Project), 8-Storied International Boys Hostel of USTC , Foy’s lake , Chittagong
etc. are his accomplished projects. He served as a Design Architect in Index Architects
Ltd.- an architectural and engineering consultancy firm in its Chittagong office, from
September 1987 to December 1988 and was actively associated with the projects are
Library cum Museum Building of Chittagong University and 16-Storied Shopping Cum Office
Building of Pubali Bank Ltd. Chittagong etc. He served as Board Member of Chittagong
Development Authority, Fellow of Institute of Architects Bangladesh, as Secretary IAB-
Chittagong Chapter. He is Past President of Rotary Club of Islamabad, Permanent Member
of Chittagong Club Limited and Bhatiary Golf and Country Club, Chittagong. He is
Permanent Member of Cadet College Club Limited , Dhaka; one of the Founder Permanent
Member of Cadet College Club Chittagong Limited. He is Member of Chittagong Ma O
Shishu Hospital and Diabetic Hospital Chittagong. He is Managing Director of Capco Aziz
Limited a family owned reputed name in Travel & Tourism business, Director of Faujian
Enterprise Limited- Maurice Brown International School. He visited immense numbers of
countries.

Mr. Md. Liaquat Hossain Chowdhury is Fellow

Chartered Accountant – ICAB (since 1991) and
Fellow Cost and Management Accountant
(ICMAB)(since 1989). He is Associate Member
of Cost and Executive Accountants of UK.
(since 1990) and Member of Chittagong
District Bar Association (since 1977). He is
Proprietor of M L H Chowdhury & Co., Chartered
Accountants. He was Financial Adviser of
12 Bangladesh Petroleum Corporation, Director (
Audit) Sunman Group, Financial Consultant of
Meghna Group Dhaka (Fresh); Monno Fabrics
Narayangonj; Mostafa Group Chittagong. He
was Chief Accounts and Finance of Meghna
Petroleum Limited. He is Ex-Chairman of CRC
Mr. Md. Liaquat Hossain Chowdhury, FCA, FCMA (Institute of Chartered Accountants of
Independent Director Bagladesh), Ex-Member of CBC(Institute of
Cost and Management Accountants of
Bangladesh) and Ex-Faculty of ICMAB, ICAB,
Premier University, IUB ( Chittagong Campus) and BGC Trust University.
 Anita Ghazi Rahman obtained her LL.B. (Hons)
degree from University College London (UCL) in
2002 and was called to the Bar of England and
Wales from Lincoln’s Inn in July 2003, completing
her Bar Vocational Course with “Merit” from The
College of Law. Anita qualified as an Advocate in
Bangladesh in 2004 and an Advocate of the
Bangladesh Supreme Court in 2006.
Anita focuses her practice on company, general
corporate law and dispute resolution. She
provides corporate and transactional advice with
respect to business formation, employment,
financing, energy, IP, services and procurement
contracts, joint ventures, mergers &
acquisitions and other business restructurings
and also advises on the acquisition,
Barrister Anita Ghazi Islam development, and disposition of commercial,
Independent Director industrial and residential real estate. Anita heads
the firm’s Litigation practice.
She is Founder of The Legal Circle; Publisher &
Co-Editor of LCLR (Legal Circle Law Reports), a quarterly law report; Editor of Think Legal
Bangladesh, one of the first free resource websites in Bangladesh; Lead Author of Bangladesh
Section of “The Employment Law Review”, 8th Edition; Co-Author of Bangladesh Section of “
The International Comparative Guide to: Project Finance 2016”, published by the Global Legal
Group; Co-Author of Bangladesh Section of “Laws on Telecom and Media 2013”; Her “Framing
a social enterprise law”, published in The Daily Star on 13 June 2017; “ Cross Border Merger
and Acquisitions – the new frontier”, written in conjunction , Published in the Financial
Express on 26 May 2010; “ An easy conversion”, published in the Daily Star on 25 May 2010;
She is Mentor & Director of Founder Institute, Bangladesh Chapter, the world’s largest
13
entrepreneur training program; Mentor of Grameen Phone Accelerator Program; Panelist, "The
State of Social Enterprise in Bangladesh" , 9 October 2016. Organised by the British Council;
Speaker at “Legal Framework for Entrepreneurs”, 6 February, 2016. Event organized by
Bangladesh Startup Lab; Panelist, “Tech Women Conference at Digital World 2015”, 9
February, 2015; Speaker at the “GIST Bangladesh Startup Boot Camp”, May 22-24, 2014;
Panelist, “E-Learning in Bangladesh”, 13 December 2014; Mentor, “Legal Workshop for
Startups”, at GrameenPhone presents Innovation Xtreme, 22 November 2014; “Corporate Law
and Public-Private Cooperation in Political Development”, Co-Speaker at the Joint IPSA
Conference in Bangladesh, 2014; “Access to Laws Online”, Featured Speaker at TEDxDhaka,
2012; She has Speaking Engagement for Prepaid Cards Asia Conference 2010, Singapore
“Mitigating risk and fraud successfully”.
 Mr. Syed Mohammed Tanvir is a distinguished
businessman. He is the Managing Director of
Pacific Jeans Group, Director of Chittagong
Chamber of Commerce & Industry and Vice
President of Zonal Committee of BEPZIA. He
is involved with various business forums,
Trustee Board Member “Bangladesh Center
of Excellence” (BCE), Trustee Board Member
“Business Initiative Leading Development”
(BUILD).
Mr. Tanvir is the member of Bhaitary Golf &
Country Club, Chittagong Boat Club, Shaheen
Golf Club, Chittagong Club Ltd., Chittagong
Seniors Club.
He has completed his M.Com., from
University of Leads, England. Mr. Tanvir is a
motivated team player with excellent public
speaking ability and oral, written and
interpersonal communication, initiator and
problem-solver using creativity,
resourcefulness and assets to break down and overcome organizational obstacles. He had
experience to attend several leadership conferences throughout the year to motivate and
network with fellow entrepreneurs.

14
 Major (Retd.) Emdadul Islam is hailed from a
highly respectable Muslim family. He passed SSC
and HSC with distinction in both. After
completion BA (Hons) and MA in Economics he
has undergone basic military training in
Bangladesh Military Academy and was
commissioned in Bangladesh Army. In the Army
he served both in staff and instructional
appointments with competency. His role in
Counter-Insurgency Operation in nineties was
widely commendable while he was posted at
Khagrachari under 203 Brigade Headquarters.
Major Emdad in his tour of duties was also
posted in Headquarters, Directorate of Forces
Intelligence and by virtue of that appointment he
Major (Retd.) Emdadul Islam played a vital role in negotiation and
Shareholder Director implementation of the Chittagong Hill Tracts
Peace Agreement. Subsequently Major Emdad
was deputed to the Ministry of Foreign Affairs.
Under the Ministry of Foreign Affairs he served as a head of mission in Myanmar. On successful
completion of the assignment under the Ministry of foreign Affairs he rejoined the Army. After
serving in the Army for a brief period he was sent as peace keeper to the Democratic Republic of
Congo, known as Heart of Darkness. After retirement from the Army Major Emdad joined the
business and held the responsibility of Director of BK Capital Management Limited. Besides, he
is acting as the advisor to the BSM Group of Industries, one of the leading industries and trading
houses of the country. In his social and academic credential Major Emdad was the member of
the first senate of Chittagong University. He is also the member of Bhatiary Golf and Country 15
Club, Chittagong Club Limited and Boat Club. Major Emdad has earned appreciation by authoring
seven books and over 100 articles in various national dailies. Eloquent speaker and critical
thinker Major Emdad often participates in television talk show on different national,
international and strategic issues.
 Mr. Md. Sayadur Rahman is the Managing Director
of EBL Securities Limited. Mr. Rahman is also a
Director of EBL Investments Limited, a
full-fledged Merchant Bank (representing
Eastern Bank Limited) and the President of
Bangladesh Merchant Bankers Association
(BMBA). Mr. Rahman is a prominent capital
market specialist of the country. He has around
33 years of professional experience in different
capacities in different financial institutions like
Insurance, Banking, Leasing, Merchant Banking
and Brokerage etc. Mr. Rahman joined EBL in
2008 as Head of Investment Banking. In 2013, he
took over as the Managing Director of EBL
Securities Limited. He has completed his
M.Com., MBA and LLM from different reputed
universities. He is a widely traveled person and
Mr. Sayadur Rahman has special skills in networking & negotiation
Shareholder Director and special interest in CSR & social help.

Mr. Md. Siddiqur Rahman is a distinguished

Businessman. He is a B.A., L.L.B. and Advocate.
He is Managing Director of S R Capital Ltd.,
Balaka Abashik Prokalpa, Future Solution
Builders Ltd., Badaghat Valley Housing Ltd.. He is
Director of Sylhet Metropolitan Chamber of
Commerce and Industry, Executive Member of
Sylhet Diabetic Association, Sylhet; Jalalabad
16 Eye Hospital, Sylhet; Member of Rotary Club of
Sylhet Central. He Life Member of Sylhet
Red-Crescent Society and Sylhet Kendrio Muslim
Shahittya Sangsad.

Mr. Md. Siddiqur Rahman

Shareholder Director
 Mr. Mohammed Mohiuddin, FCMA, Director of
Chittagong Stock Exchange Ltd. , a senior fellow
member and past President of the ICMAB
National Council for the year 1995. He is also
among one of the Founder Director of Chittagong
Stock Exchange Limited. He did his honors in
Accounting (Govt. Commerce College) and
Masters in Accounting under Dhaka University.
He took his professional degree in Cost and
Management Accounting in 1971 from Pakistan
Institute of Industrial Accountants. He is the
Managing Director of Island Securities Limited
and also serving as Chairman of many
organizations such as BLP Warm Fashion
Limited, Atex Associates Limited, E-Vision
Software Limited. Mr. Mohiuddin is the founder
President of Sonadia Adarsha High-school, Hatiya
Shikkha Trust High School and Hatiya Shikkha
Trust Adarsha High School and still heading these
Institutions. He is the Founder Director of CRISL and currently Chairman of CRISL Board. He was
associated with BGMEA Institute of Fashion and Technology as a faculty member and also life
member of Maa-O-Shishu Hospital, Chittagong and Kidney Foundation, Chittagong. He was one
of the member of Committee of Courses, Center for Business Studies (CBS), Chittagong
University. Earlier, he was the Deputy Managing Director of Azim Group, Audit Manager and
Purchasing Manager of Glaxo Bangladesh Ltd. He was founder Joint Secretary and Secretary in
Jalalabad Co-operative Housing Society Ltd. He has long teaching experience as adjunct Faculty
member of IIUC, ICAB, ICMAB for many years. Many articles authored by him were published in 17
reputed journals. Mr. Mohiuddin has unique publication “Share Bajar Jiggasha”- a best-selling
book on Capital Market. Previously he was in CSE Board 1995-1997, 2001-2004, 2010-2014,
2014-2016. He is also associated with many social and religious organizations. Core area of
competency of Mr. Mohiuddin is on Accounting, Management Accounting, RMG, Production and
Marketing and Capital Market. He has been uploading a VDO covering issues relating to Capital
Market. Channel Name- “Island Securities Ltd”. In Youtube. Visitor all over the world have
subscribed this channel. Many of them shown interest to invest in Bangladesh Capital Market.
He worked as resource persons on various Seminar and Training courses. Widely travelled
various countries –in-connection of Seminar, Conference & Business.
 Senior
Managers

Mr. Md. Ghulam Faruque

Managing Director (Acting)

Mr. Mohammad Shamsur Rahman FCMA Mr. Mohammed Mazbah Uddin

Chief Regulatory Officer (CRO) Deputy General Manager
Head of Information Technology Department

Ms. Sonia Hossain Mr. Md. Mortuza Alam Mr. Mohammad Monirul Haque
18 Deputy General Manager
Head of Legal Affairs
Deputy General Manager
Head of Surveillance and
Deputy General Manager
Head of Clearing and Settlement,
Market Operations Listing and Prelisting

Mr. AKM Shahroze Alam Mr. Md. Nahidul Islam Khan Mr. Hasnain Bari
Deputy General Manager Deputy General Manager Deputy General Manager
Head of Marketing & Business Promotion Head of TREC Marketing & Services Head of IT Services
Senior
Managers

Mr. Arif Ahmad Mr. Kanan Barua

Assistant General Manager Assistant General Manager
Head of Training and Development Head of Network and Technology Support

Mr. Maksud-ur-Rahman Mr. Rajib Saha FCS

Assistant General Manager Assistant General Manager
Head of International Relations Company Secretary

19
 Our Organisation
2021 80

2020 85

Number of 2019 86
Employees
2018 87

2017 88

Female 18%
Gender Diversity
Male 82%

20
Age Diversity

Below 30 1%

Between 30-50 78%

Above 50 21%
 Message
from
The Chairman
Esteemed Shareholders
It is my pleasure to welcome you all at the 26th Annual
General Meeting of Chittagong Stock Exchange Limited (CSE).
The Directors’ Report together with the financial statements
gives details of the period 2020-21 as experienced by the
Exchange. I would like to take this opportunity to focus on
some important issues.
Following a 3.5 percent contraction caused by the COVID-19
pandemic in 2020, global economic activity has gained
significant momentum; however, it remains well below
pre-pandemic projections. The ongoing pandemic continues to
shape the path for global economic activity, with severe
outbreaks continuing to weigh on growth in countries. Amid
continued vaccination, economic activity is firming across
major advanced economies – most notably in the United
States, where the recovery is being powered by substantial fiscal support. Growth in China remains solid but
has moderated as authorities have shifted their focus from strengthening activity to reducing financial
stability risks. Many other countries, primarily EMDEs, are experiencing subdued pickups alongside surges
of COVID-19 cases, even if recent waves of infections appear to be less disruptive to economic activity than
previous ones. Global manufacturing activity has firmed, with industrial production surpassing its
pre-pandemic level, services activity especially travels and tourism remains soft.
According to the World Bank, the world economy is experiencing an exceptionally strong but highly uneven
recovery. Global growth is set to reach 5.6 percent in 2021 – its strongest post-recission pace in 80 years.
The recovery is envisioned to continue into 2022, with global growth moderating to 4.3 percent. Still, by
2022, global GDP is expected to remain 1.8 percent below pre-pandemic projections. Aggregate GDP in 21
South Asia is projected to expand by 8.8% in 2021, less than the forecast made by Asian Development Bank.
If the pandemic dissipates before the end of 2021, the sub regional economy is projected to grow by 7.0%
in 2022, more than earlier projection.
Bangladesh economy displayed its inherent resiliency reflected through a notable 5.5 percent real GDP
growth where all other South-Asian economies experienced economic contractions in FY20. Aided by prudent
fiscal and monetary policy measures, the growth momentum for Bangladesh continues, recording an
estimated growth of 6.1 percent in FY21, well supported by rebounded exports and import growth amid
sustained high growth of inward remittances throughout the year. The government of Bangladesh has so far
announced 28 stimulus packages worth of Taka 1.35 trillion which is approximately 4.9 percent of FY20’s
current price GDP, for mitigating the adverse impact of the outbreak of COVID-19 on Bangladesh economy and
facilitating faster economic recovery. The Government has set a target of real GDP growth at 7.2 percent for
FY22 considering that the ongoing corona situation will improve especially with the implementation of
mass-scale vaccination programs, strengthening the recovery process in the coming days.
 Honorable Shareholders
The Capital Market of Bangladesh mostly remained resilient during FY21 supported by easy monetary
condition and restoration of investors’ confidence due to favorable policy supports from the government
and associated regulatory bodies. The market index, turnover, market capitalization, and issued capital
have tremendously increased by end of June 2021. The daily average turnover, an important liquidity
indicator of the capital market, significantly grew which suggests that the investors’ confidence has
significantly increased in the recent months, though high volatilities persisted in the market.
Considering the importance of the capital market for the accumulation of long-term funds for private as
well as public investments, Bangladesh Securities and Exchange Commission (BSEC) took many
initiatives to restore the investors’ confidence in the capital market of Bangladesh. These initiatives
include: (a) faster approval process of IPO to enhance the market capitalization and listing of more
securities in the stock exchanges, (b) implementation of two percent of total share capital holding for the
individual director and 30 percent for all sponsors director of the company to bring transparency and trust
in the trading system, (c) revision of IPO share distribution policy allowing general investors to allot the
IPO shares on pro-rata basis instead of lottery, (d) re-fixation of margin loan limit based on index, (e)
constitution of market stabilization fund, and (f) approval of the perpetual bond by BSEC to be given to
scheduled banks.
We took few more initiatives during the course of the year to improve the market set-up and infrastructure
and engaged in extensive discussions with the country’s policy makers, regulators and other concerned
stakeholders to chalk-out a roadmap that would enable CSE to reinforce its position at home and abroad.
CSE is working closely with the BSEC and other stakeholders to implement a full-fledged global standard
Bond Market in Bangladesh. We have not yet introduced structured products like derivatives and
commodities, a field that is widely expanding globally. We will continue to explore the possibilities in these
areas as well. We are working to establish a Commodity Exchange in Bangladesh by CSE.
Steering CSE to a profitable Exchange is still a big challenge in contemplation of market liquidity. Broad
basing the investors as well as unlocking the value of TRECs and shareholders of the CSE will be one of the
most challenging tasks which CSE will be dealing now and onwards. Increasing current market liquidity
and subsequently creating a diversified market place with new products will be another major challenge.
You are aware that Bangladesh Securities and Exchange Commission (Trading Right Entitlement
Certificate) Rules, 2020 were enforced by a gazette notification on 12 November, 2020. Under these rules
exchanges are allowed to issue new TRECs. To make the exchange more vibrant and to enhance liquidity
by bringing professional brokers CSE took initiative to issue 30 (thirty) new TRECs. We believe, this will
provide a competitive advantage by the side of rational expansion of entire capital market. The prospect of
intensifying business in new potential areas through issuing new TRECs will create opportunity for CSE
and will assist to enrich the Bangladesh Capital Market.
22 We have again pioneered in Bangladesh Capital Market to introduce CSE SME Platform in June 2021. CSE
has always endeavored to create a vibrant environment for a range of enterprises from conventional
manufacturing companies to new age economy startups. We believe that SMEs are the backbone of our
growing economy and are crucial not only for economic growth, but also for employment and inclusive
growth. Considering the turbulent and challenging times faced by the SMEs due to COVID 19, CSE decided
to refund the Initial Listing Fee of the first 10 such companies listed under CSE SME Platform to promote
the small capital companies for the greater interest of the investors and the Bangladesh Capital Market.
As part of its CSR activities, CSE took various initiatives to ensure safety and wellbeing of the community
since the outbreak of COVID-19. During the pandemic there was scarcity of high flow oxygen nasal canola in
Chattogram to treat the serious patient effected by coronavirus. The death rate in Chattogram was adversely
raising every day due to shortage of this healthcare device. TREC Holders of CSE and Board of Directors of
CSE jointly took initiatives to donate high flow oxygen nasal canola to dedicated hospitals as well as in field
hospitals who were serving COVID patients. The Directors also joined hand individually. As part of this
initiative CSE donated three high flow oxygen nasal canola to Chittagong Medical College Hospital.
CSE aims to create a sustainable market that will be attractive to investors and listing of attractive
investment products that meet investors’ need. CSE will continue to maintain its affiliation with the World
Federation of Exchanges (WFE), OIC Stock Exchanges Forum and UN Sustainable Stock Exchanges Initiative
(UN-SSE) to build up international and regional networking and cooperation. CSE will continue to encourage
its listed companies to disclose reports on environmental, social and governance (ESG) and other
sustainability issues as a partner exchange of the UN-SSE.

Dear Shareholders
CSE is searching for Strategic Investors in pursuance with the Exchanges Demutualization Act, 2013. CSE
has offered to and contacted a number of local and foreign institutions to become strategic investors by
taking shares of CSE. However, some local as well as foreign institutions have shown their interest and
informed that they are working with the CSE’s proposal. Meantime, Bangladesh Securities and Exchange
Commission extended the deadline to the CSE to find strategic investor to December 2022.
We had to bid farewell to Mr. Mohammed Abdul Malek who stepped down from the position of an Independent
Director of CSE Board due to personal reason which the Board duly accepted with effect from 02 December,
2020. I take this opportunity to offer our sincere gratitude for his valuable contributions during his short stay
in the CSE Board. We also welcomed Mr. Syed Mohammed Tanvir as an Independent Director of CSE Board to
replace the vacant position whose nomination has been duly approved by the BSEC on 20 January, 2021.
CSE is committed to conducting its business in a way that is open and accountable to shareholders and the
wider marketplace. In CSE we believe our corporate governance practices as a public company are of a high
standard. The Code of Ethics and Conduct applies to both directors and employees of CSE.
Dividend: Board of Directors is continuously making efforts to uphold and protect the interest of the
shareholders and ensure stable growth of the company. The Board of Directors of CSE has recommended 4%
cash dividend for the period ended 30 June 2021 subject to approval of shareholders in the 26th Annual
General Meeting (AGM).

Appreciation
I would like to express my sincere gratitude to my fellow Board members for their commitment and valuable
inputs. I would also like to take this opportunity to thank the Government, relevant govt. agencies, our hon’ble
shareholders, TREC holders, Bangladesh Securities and Exchange Commission, Listed Companies, Central
Depository Bangladesh Limited, Central Counter Party Bangladesh Limited, Electronic and Print Media and
other Stakeholders and business partners for their continued support and confidence in CSE.
On behalf of the Board, I would like to place on record my sincere appreciation to all the employees, especially
during these challenging times of global pandemic, for their relentless hard work and commitment to ensure 23
seamless functioning of the market.
We worked closely with all our stakeholders in building trust and confidence and also ensured that we are
always accessible and effective within the new parameters enforced by this global pandemic. As we
re-emerge from the challenges of the new decade with innovation and digitalisation as the primary drivers, we
look forward to a vibrant future.
Thank you all once again.

Asif Ibrahim
Chairman
 EXISTING SYSTEM

Order Management System (OMS)

CSE integrated the products “Millennium Exchange” from Millennium IT, a member of the London Stock
Exchange group and “goTX” from Polaris Lab (now Intellect Design) to introduce a powerful real time online
trading platform. Through NGTS project CSE introduced a very powerful matching engine capable of handling
2,500 order/sec. 1,000,000 orders/day. The system is highly scalable and can scale up to even higher order
and contract rates.
MIT solution supports multiple asset class, multiple market structure and comprehensive range of order
types. Multiple trading methods and trading across multiple order books are also supported. Other features
include unrestricted trading or controlled trading (price bands, circuit breakers etc.), flexible order book
prioritization schemes (price-time, price-capacity-time, size-time etc.), off-book trades, Real-time
publication of order book and time and sales permission schemes, comprehensive market operations
functionality (manage orders, cancel trades, halt/resume trading extend/shorten sessions, suspend
participants, manage static data etc.) FIX and FAST based interfaces for order submission, trade reporting,
drop copies and market data.
goTX Front End integrated with Risk Management System & hosted Back-office is a centralized system,
which enables very nominal hardware requirement (Only Trader/Dealer work station) at the broker/dealer
end. It is scalable according to requirement & Fault tolerant system-based on industry standard Oracle
24 Tuxedo Middleware.
Internet Trading is a real online Internet based trading application which is directly integrated with the main
trading engine. Thus the investors’ orders hit directly to the matching engine provided the investors have
enough stock/cash available in their portfolio. It is very user-friendly with some configurable user interfaces
and comprehensive market information. It provides both thick (EXE clients) and thin clients (browser
based). It supports online cash, margin, and back office reports to both dealers and investors.
Mobile Trading is another milestone for the capital market of Bangladesh. Like many other initiatives, CSE
has again played a pioneer role in introducing mobile trading in the country. The number of mobile phone
users is much more than the Internet users; bearing this in mind, CSE has come up with mobile trading
interface. It is expected to get huge popularity among the investors. It supports all mobile devices and all
mobile networks in Bangladesh.
CHITRA- the Mobile App for trading in CSE facilitates Real Time Trade in CSE from Android devices along with a
customized and streaming Market Watch including Real Time Market News, Statistics with 23 different indices.

CSE CLOUD- the Mobile App for CSE trade information is a new mobile based software for the investors
developed by Chittagong Stock Exchange by which the investors can analyze the stocks of CSE. By using
this software investors can watch the details about the indices of CSE, market news, market movers etc.

Risk Management System (RMS)

Risk Management System provides Facility for the brokers/dealers to manage the Investors Stock, Cash,
Margins and Risk parameters, Supports Collateral margins, Stock Margins, Receivable Margins etc. The
solution also supports many risk products like Intraday/Delivery, Short Sell etc. It supports Auto Square off
functions and Risk Square off functions. There are Mark to Market Alerts, Cash Alerts, Margin alerts and
Stock Alerts. Real time Monitoring of Mark to Market and Margin Blocking & Square off Support is included in
the solution.
Dealer/Trader Work Station (DWS)
GWS, the Dealer/Traders’ workstation software uses state of art UI design and is highly customizable,
capable of commencing trade operation from LAN & Internet also.
Release of an Enhanced RMS offers more flexible and customizable Risk Management System to our trading
participants with the support for Trader-wise, Category-wise, Investor-wise and Scrip-wise Risk
Management. It also provides multiple rules, sub-rules, and exception rules facilities for Risk Management.
SME Market Release is a historic milestone for the capital market of Bangladesh as CSE pioneered to
introduce the platform for SME Market for the first time in Bangladesh. CSE implemented the SME platform
as per BSEC requirements. Major changes were conducted in OMS to facilitate the SME market, which
involved design, BRS finalization, development, and rigorous testing & TREC personnel training.
Online Communication System for Reporting of RBAC is designed to automate regular report submission
process by TREC holders of CSE following the Risk Based Capital Adequacy (RBCA) framework prescribed by
BSEC. According to the roadmap provided by BSEC, the system is already being used by 30 TREC Holders in
the first phase of piloting the project. The system has already been showcased in the inauguration program
on 16th August, 2021.

Information Technology Services Department

Next Generation Trading System (NGTS), the highly applauded trading system of CSE, has stepped into tenth
operational year successfully. Throughout this journey, many releases and patches have been applied in the 25
system based on the feedbacks from the users and stakeholders of the system. As a result, the system is
getting more efficient and stable day by day.
CSE maintain two different environments for NGTS – one is the Test environment and the other is
Production. Before implementing any new release or patch in the system, the release is installed in the Test
environment first. A detail process of Testing is thoroughly conducted for Quality Assurance of the new
release. If the release passes the entire QA process successfully and satisfies the corresponding Business
group (s) comprehensively, only then the release is installed in the Production environment.
By this way, the Information Technology Services Department of CSE is ensuring an error-free operation of
the trading system of CSE without failing for a single second. All the trading participants are therefore
experiencing a smooth and fast trading environment which is highly customized according to their own
needs.
 market information

26
Market Information
CSE Trading Statistics
Jul'2016- Jul'2017- Jul'2018- Jul'19- Jul'20-
Category
Jun'2017 Jun'2018 Jun'2019 Jun'20 Jun'21
Listed Securities (no.) 303 312 326 331 348
Market Capitalization
3,123,839 3,123,521 3,293,302 2,447,567 4,383,653
(Mn BDT.)
Volume Traded ('000
4,032,214 3,506,210 2,474,665 1,675,414 4,072,946
Shares)
Value Traded ('000 BDT.) 118,075,277 109,850,562 84,800,127 53,078,171 116,913,810

Number of Trades ('000) 3,883 2,791 2,462 1343 3,166

Total Trading days 239 246 238 203 247

Average Daily Turnover
494 446 356 261 473
In Million BDT.
Average Volume of
Shares traded per 16,871 14,252 10,398 8,253 16,490
day('000 Shares)
Average Volume per
1,038 1,256 1,006 1,247 1,287
Trade
Average Value per Trade
30,401 39,358 34,358 39,532 36,931
in BDT.

27
28
29
 Year Round Up : July 2020-June 2021
Turnover Value (July 2020-June 2021)
No. of Average Maximum Minimum
Total Turnover (Tk.
Month Trading Turnover (Tk Turnover (Tk. Date Turnover (Tk. Date
Mn)
Days Mn) Mn) Mn)
July 21 3,496.19 166.49 893.34 07/05/20 23.26 07/02/20 20,000
August 19 5,944.11 312.85 598.44 08/10/20 138.31 08/03/20
September 22 7,189.99 326.82 634.91 09/29/20 171.63 09/22/20 15,000
October 20 5,414.10 270.70 420.57 10/01/20 153.93 10/15/20
November 22 5,804.11 263.82 505.06 11/02/20 127.50 11/25/20 10,000
December 21 9,183.33 437.30 755.94 12/14/20 241.04 12/02/20
January 21 17,280.98 822.90 1,554.92 01/05/21 434.18 01/28/21 5,000
February 19 7,709.70 405.77 1,008.91 02/02/21 235.35 02/18/21
March 21 9,444.66 449.75 1,773.28 03/24/21 234.58 03/23/21 0
April 20 8,685.97 434.30 1,508.99 04/06/21 140.89 04/12/21

st

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ril
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y
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Jun
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Ma
Jul
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Ap
May 19 15,464.03 813.90 1,493.03 05/25/21 317.77 05/02/21

vem

Ma
tem

cem

J an
Au

Oct

Feb
June 22 21,296.65 968.03 2,140.83 06/27/21 385.51 06/28/21

Sep

No

De
Contracts & Turnover Volume (July 2020-June 2021)
No. of Daily Average
No. of No. of Traded Average No. of Maximum Volume Minimum Volume
Month Trading No. of Date Date
Contracts Shares (000) Shares (000) (000) (000)
Days Contracts
Jul 21 57,193 2,723 70,632.63 3,363.46 6,866.46 07/13/20 1,256.25 07/02/20
Aug 19 191,532 10,080 275,473.28 14,498.59 26,919.88 08/16/20 7,119.77 08/03/20
Sep 22 241,921 10,996 347,765.94 15,807.54 24,627.18 09/13/20 9,053.42 09/01/20
Oct 20 192,501 9,625 241,581.90 12,079.10 19,568.29 10/01/20 7,730.27 10/15/20
Nov 22 171,895 7,813 242,725.43 11,032.97 18,543.51 11/15/20 6,100.00 11/23/20
Dec 21 231,900 11,042 336,313.72 16,014.94 25,903.64 12/27/20 10,139.67 12/02/20
Jan 21 475,748 22,654 571,164.27 27,198.30 67,611.45 01/05/21 11,251.84 01/28/21
Feb 19 232,631 12,243 199,400.81 10,494.78 26,084.61 02/10/21 5,840.37 02/23/21
Mar 21 273,393 13,018 281,829.30 13,420.44 46,046.01 03/24/21 6,560.59 03/28/21
Apr 20 182,684 9,134 218,637.39 10,931.87 39,104.28 04/06/21 4,839.87 04/12/21
30 May 19 403,790 21,252 611,914.06 32,206.00 58,421.71 05/19/21 11,449.78 05/04/21
Jun 22 510,511 23,205 675,508.22 30,704.92 49,345.91 06/27/21 18,507.98 06/28/21

Month-wise Turnover Volume (July 2020-June 2021) Month-wise Contracts (July 2020-June 2021)
650 Jun
May
550 Apr
Thousands

Mar
450 Feb
Jan
Dec
350 Nov
Oct
250 Sep
Aug
Jul
150
50

50
0

0
10

15

20

25

30

35

40

45

50

55

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2000
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2000
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CASPI : July 2020-June 2021

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CSE-30 : July 2020-June 2021

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CSCX Index : July 2020-June 2021

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CSE Shariah Index : July 2020-June 2021

21

CSE Turnover (BDT mn) : July 2020-June 2021

CSE-50 Benchmark Index : July 2020-June 2021

31
 Sector-wise Market Indicator (July 2020-June 2021)
PE Ratio Cash Dividend Yield
Changes
Sector June'21 June'20 June'21 June'20 Changes %
%
1 LIFE INSURANCE - - - 1.35 1.66 (18.48)
2 GENERAL INSURANCE 26.40 10.34 155.35 1.60 3.21 (50.10)
3 TEXTILE & CLOTHING 23.97 11.72 104.55 0.05 3.50 (98.68)
4 PHARMA & CHEMICAL 20.28 12.60 60.99 2.10 2.42 (13.11)
5 FOODS & ALLIED 20.40 18.11 12.64 2.32 2.73 (14.92)
6 CEMENT 26.58 20.98 26.69 1.42 2.73 (47.82)
7 ENG N ELECTRICAL 39.93 9.12 337.86 1.57 3.35 (53.24)
8 LEATHR & FOOTWEAR 28.32 13.14 115.50 1.49 3.43 (56.43)
9 SERVICES & PROPERTY 29.92 18.84 58.80 2.40 3.08 (22.00)
10 PAPERS & PRINTING 45.72 28.14 62.46 1.23 2.65 (53.48)
11 ENERGY 12.30 8.80 39.75 5.00 6.01 (16.74)
12 MUTUAL FUNDS 6.52 12.20 (46.54) 8.21 6.97 17.83
13 BANKING 9.30 7.33 26.94 4.78 7.00 (31.71)
14 CERAMIC 59.52 17.59 238.42 1.87 2.45 (23.69)
15 ICT 25.53 22.93 11.33 1.48 1.49 (0.55)
16 LEASING & FINANCE 23.31 16.57 40.70 1.80 4.75 (62.08)
17 TELECOMMUNICATION 18.65 9.39 98.66 7.44 6.31 17.88
18 MISCELLANEOUS 31.75 15.60 103.53 8.24 4.91 67.72
19 CORPORATE BOND - - - 9.52 7.10 34.06

Sector-wise Market Indicator 2020-2021

400 .00
350 .00
300 .00
250 .00
200 .00
150 .00
100 .00
50.0 0
-
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Category-wise Turnover Value 2020-2021 Category-wise Turnover Volume 2020-2021

32
0.68 4.14
11.97
7.28

13.82 A A
20.10
B B

N N

Z Z
68.48
73.53
 Sector-wise Performance (July 2020-June 2021)
No. of No. of No of Shares % of Total
Sector Tunover Mn.Tk.
Companies Contracts (000) Turnover
1 GENERAL INSURANCE 13 222,877 231,011.22 12,574.40 1.76
2 LIFE INSURANCE 33 34,223 32,258.60 2,059.71 10.76
3 TEXTILE N CLOTHING 54 282,220 542,480.31 6,496.48 5.56
4 PHARMA N CHEMICAL 27 242,451 328,300.74 14,139.88 12.10
5 FOODS N ALLIED 13 76,098 65,605.08 1,958.05 1.68
6 CEMENT 7 63,586 43,292.94 2,521.30 2.16
7 ENG N ELECTRICAL 36 394,962 322,139.44 8,438.22 7.22
8 LEATHR N FOOTWEAR 6 37,301 34,377.16 859.55 0.74
9 SERVICES N PROPERTY 7 63,613 61,752.73 1,421.73 1.22
10 PAPERS N PRINTING 7 30,997 21,986.46 770.55 0.66
11 ENERGY 21 283,933 182,241.27 9,199.67 7.87
12 MUTUAL FUNDS 37 85,070 275,552.13 1,916.43 1.64
13 BANK 31 413,164 1,134,734.02 19,577.06 16.76
14 CERAMIC 5 48,142 45,401.54 1,173.58 1.00
15 ICT 11 49,813 46,710.16 2,059.35 1.76
16 LEASING N FINANCE 22 179,057 251,497.85 5,448.50 4.66
17 TELECOMMUNICATION 3 355,762 193,927.81 11,178.19 9.57
18 MISCELLANEOUS 16 292,592 215,396.37 14,895.61 12.75
19 CORPORATE BOND 2 1,741 78.52 142.77 0.12

0.12 GENERAL INSURANCE

LIFE INSURANCE

TEXTILE N CLOTHING
1.76
PHARMA N CHEMICAL

FOODS N ALLIED
12.74 10.762 CEMENT
5.56
ENG N ELECTRICAL

LEATHR N FOOTWEAR
9.56 SERVICES N PROPERTY 33
PAPERS N PRINTING
4.66 12.10
ENERGY
1.76 MUTUAL FUNDS
1.00
BANK
1.67
16.75 CERAMIC
2.15
ICT
7.22
LEASING N FINANCE
0.73
1.21 TELECOMMUNICATION
1.64
0.65 MISCELLANEOUS

7.87 CORPORATE BOND

 Sector-wise Index (July 2020-June 2021)
!"#$%&'()*+,"-)./0(1)23456/0+")23478
Sector June'21 June'20 (+/-) %
1 LIFE INSURANCE 115932.206 70938.449 44,993.76 63.43
2 GENERAL INSURANCE 23928.300 7414.135 16,514.16 222.74
3 TEXTILE & CLOTHING 1810.020 1142.871 667.15 58.37
4 PHARMA & CHEMICAL 38770.680 25268.976 13,501.70 53.43
5 FOODS & ALLIED 12819.343 10384.453 2,434.89 23.45
6 CEMENT 5074.444 3169.518 1,904.93 60.10
7 ENG N ELECTRICAL 5212.633 3599.467 1,613.17 44.82
8 LEATHR & FOOTWEAR 5459.524 4267.797 1,191.73 27.92
9 SERVICES & PROPERTY 1505.188 1207.769 297.42 24.63
10 PAPERS & PRINTING 613.623 567.753 45.87 8.08
11 ENERGY 9439.901 7841.422 1,598.48 20.39
12 MUTUAL FUNDS 6702.247 4487.408 2,214.84 49.36
13 BANKING 52331.731 36747.891 15,583.84 42.41
14 CERAMIC 632.782 478.623 154.16 32.21
15 ICT 11172.004 7859.941 3,312.06 42.14
16 LEASING & FINANCE 22693.500 12901.086 9,792.41 75.90
17 TELECOMMUNICATION 2325.2204 1287.927 1,037.29 80.54
18 MISCELLANEOUS 16594.001 6553.937 10,040.06 153.19

Sector-wise Index Changes (July 2020-June 2021)

250 .00

200 .00

150 .00

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Most Active Securities (July 2020-June 2021)

Turmover % of Turmover Total Total
Rank Company Name Trading
(mn tk) Turnover (share mn) Contract Days

34 1
2
ROBI AXIATA LIMITED
BEXIMCO
9,071.63
6,719.00
7.76
5.75
185.47
134.42
330,872
133,229
125
245
3 BATBC 6,234.84 5.33 8.07 81,098 242
10,000.00
4 BEXIMCO PHARMA 5,317.91 4.55 33.29 32,748 246 9,000.00
5 BRAC BANK LTD 3,517.31 3.01 87.87 18,349 244 8,000.00
7,000.00
6 LANKA BANGLA FINANCE LTD. 2,867.81 2.45 93.80 83,892 244 6,000.00
5,000.00
7 IFIC BANK LTD. 2,613.03 2.24 206.91 56,722 244
4,000.00
8 PIONEER INSURANCE COMPANY LIMITED
2,333.61 2.00 18.99 2,332 185 3,000.00
2,000.00
9 DUTCH-BANGLA BANK LIMITED 2,264.13 1.94 30.78 4,784 238
1,000.00
10 LAFARGE HOLCIM BANGLADESH LIMITED
1,904.73 1.63 36.80 47,985 246 -
ED

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11 SQUARE PHARMA 1,864.61 1.59 8.94 40,434 246

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12 NATIONAL BANK 1,793.81 1.53 223.04 56,558 246

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IA

GE

HI S. S
CIM N GL

13 GRAMEENPHONE LIMITED 1,489.15 1.27 4.40 13,059 245

BE

NG

NG

EE
B

CO F (B
U
RO

ER
S
A
C

E
AN
A

GR

14 SUMMIT POWER LTD. 1,475.94 1.26 33.29 21,807 246

M
NK

N
C
SU

O
OL
LA

TO
PA
EN AC
IN

B
D

AL
BE

15 BEACON PHARMACEUTICALS LTD. 1,315.94 1.13 16.29 4,637 241

R

W
EE

ER
ON

FA
LA
PI

16 ENERGYPAC POWER GENERATION LTD.1,235.24 1.06 20.73 66,040 110

17 S. S. STEEL LIMITED 1,134.25 0.97 66.57 51,323 242
18 WALTON HI-TECH INDUSTRIES LTD. 1,127.57 0.96 1.23 62,225 189
19 LUB-RREF (BANGLADESH) LTD 1,120.70 0.96 24.79 69,500 76
20 NRB COMMERCIAL BANK LIMITED 1,038.20 0.89 53.62 58,344 67
 Top 20 Securities by Market Capitalization (July 2020-June 2021)
Market
% of Turnover Turnover Total Trading
Company Capital % of total Total Contracts
total (TK. BN) (Share MN) Days
(TK. BN)
Grameen Phone Ltd. 475.71 10.85 1.49 1.27 4.40 13,059 245
Walton Hi-Tec Industries 406.23 9.27 1.13 0.97 1.23 62,225 189
Top 20 Securities by Market Capitalization (July 2020-June 2021)
British American Tobacco Bangladesh co. Ltd 290.30 6.62 0.08 0.07 8.07 81,098 242
Robi Axiata Limited 229.95 5.25 9.07 7.76 185.47 330,872 125
500
Square Pharmaceuticals Ltd 191.12 4.36 1.86 1.60 8.94 40,434 246
400
United Power Generation 159.88 3.65 0.88 0.75 3.10 8,977 238
300
Investment Corporation of Bangladesh 94.76 2.16 0.20 0.17 1.86 1,877 202
200
Berger Paints Bangladesh Ltd 81.63 1.86 0.09 0.08 0.06 2,107 211
Beximco Pharmaceuticals Ltd 78.78 1.80 5.32 4.55 33.29 32,748 246 100

Beximco LTD 78.43 1.79 6.72 5.75 134.42 133,229 245 -

Grameen Phone Ltd.

Beximco Ltd.
Walton Hi-Tec Industries

Robi Axiata Limited

British American Tobacco Bangladesh co. Ltd

Square Pharmaceuticals Ltd

Beximco Pharmaceuticals Ltd

Merico Bangladesh
Lafarge Holcim Bangladesh Ltd.
Brac Bank
Dutch Bangla Bank
Islami Bank
United Power Generation
Investment Corporation of Bangladesh
Berger Paints Bangladesh Ltd

Summit Power Bank

Titas Gas
Olympic Industries
Eastern Bank
Power Grid
Merico Bangladesh 70.46 1.61 0.54 0.46 0.26 579 141
Lafarge Holcim Bangladesh Ltd. 68.75 1.57 1.90 1.63 36.80 47,985 246
Brac Bank 68.49 1.56 3.52 3.01 87.87 18,349 244
Dutch Bangla Bank 56.93 1.30 2.26 1.94 30.78 4,784 238
Islami Bank 48.14 1.10 0.18 0.15 6.78 8,333 245
Summit Power Bank 47.09 1.07 1.48 1.26 33.29 21,807 246
Titas Gas 35.22 0.80 0.15 0.13 4.32 6,519 246
Olympic Industries 34.01 0.78 0.11 0.09 0.63 1,007 194
Eastern Bank 33.39 0.76 0.46 0.39 13.50 1,923 181
Power Grid 32.00 0.73 0.25 0.21 5.00 5,393 213

Top 20 TREC Holders (July 2020-June 2021)

Rank 2020-21 TREC Holder No. TREC Holder Name
1 121097 Multi Securities & Services Ltd.
2 121091 LANKABANGLA SECURITIES LTD.
3 121027 BE RICH LIMITED
4 131071 ICB SECURITIES TRADING CO. LTD
5 121021 EBL SECURITIES LIMITED
6 121056 KABIR SECURITIES LIMITED
7 121101 AB SECURITIES LIMITED
8 121003 MEENHAR SECURITIES LIMITED
9 121133 CITY BROKERAGE LIMITED
10 121013 BRAC EPL STOCK BROKERAGE LTD. 35
11 121058 EASTERN SHARES & SECURITIES LTD.
12 121005 ISLAND SECURITIES LIMITED
13 121015 UCB STOCK BROKERAGE LIMITED
14 121062 PRUDENTIAL CAPITAL LIMITED
15 121103 MONA FINANCIAL CONSULTANCY & SECURITIES LTD.
16 121076 SOHEL SECURITIES LIMITED
17 121043 UNITED FINANCIAL TRADING COMPANY LTD.
18 121119 IDLC SECURITIES LTD.
19 121068 SHANTA SECURITIES LTD.
20 121038 S.R CAPITAL LIMITED
 New Listing in CSE (July 2020-June 2021)
Paid-up- Market lot/
Company Name Capital(mn) Issued Share IPO Offered (Share) Tradable Face Date of Listing Trade in CSE
Tk. Unit (Qnty.) Value TK
1 Express Insurance Ltd 651.97 65,197,464 26,079,000 500 10 08/10/20 08/24/20
2 Walton Hi-Tech Industries Ltd. 3,029.28 302,928,343 2,928,343 20 10 09/14/20 09/23/20
3 Associated Oxygen Ltd. 950.00 95,000,000 15,000,000 500 10 10/15/20 10/25/20
4 Dominage Steel Building Systems Ltd. 950.00 95,000,000 30,000,000 500 10 11/23/20 12/02/20
5 Crystal Insurance Company Ltd. 400 40000000 16,000,000 500 10 12/13/20 12/21/20

523,793,334
(Out of which 136,050,934
Robi Axiata Ltd. ordinary shares of BDT 10 per 500 10 12/17/20 12/24/20
share to employees of Robi under
Employee Share Purchase Plan)
6 52379.3334 5,237,933,335
7 Energypac Power Generati on Ltd. 1901.63 190163216 40,293,566 200 10 01/06/21 01/19/21
8 Mir Akhter Hossain Ltd. 1207.71547 120771547 20,771,547 100 10 01/27/21 02/02/21
9 Taufika Foods and Lovello Ice-cream PLC 850 85000000 30,000,000 500 10 02/01/21 02/10/21
10 eGeneration Limited 750 75000000 15,000,000 500 10 02/15/21 02/23/21
11 Lub-rref(Bangladesh) Ltd. 1452.43144 145243144 45,243,144 100 10 02/28/21 03/09/21
12 NRBC Commercial Bank Ltd. 7025.16998 702516998 120,000,000 500 10 03/09/21 03/22/21
13 Desh General Insurance Company Ltd. 400 40000000 16,000,000 500 10 03/16/21 03/29/21
14 Index Agro Industries Ltd. 472.536 47253649 8,253,649 100 10 03/28/21 04/07/21
15 Sonali Life Insurance Company Ltd. 475 47500000 19,000,000 500 10 06/27/21 06/30/21

IPOs in the Market (July 2020-June 2021)

IPO Offered
with
Company Name Premium Subscription Market Lot Group
(mn) Tk.
Open Close N
1 Walton Hi-Tech Industries Ltd. 1,000.00 9-Aug-20 16-Aug-20 20 N
2 Associated Oxygen Ltd. 150.00 10-Sep-20 16-Sep-20 500 N
3 Dominage Steel Building Systems Ltd. 300.00 19/Oct/20 25-Oct-20 500 N
4 Crystal Insurance Company Ltd. 160.00 10-Nov-20 16-Nov-20 500 N
5 Robi Axiata Ltd. 5,237.93 17-Nov-20 23-Nov-20 500 N
6 Energypac Power Generation Ltd. 1,500.00 7/Dec/20 13-Dec-20 200 N
7 Mir Akhter Hossain Ltd. 1,250.00 24-Dec-20 30-Dec-20 100 N
8 Taufika Foods and Lovello Ice-cream PLC 300.00 7-Jan-21 500 N
9 eGeneration Ltd. 150.00 12/Jan/21 18-Jan-21 500 N
10 Lub-rref(Banladesh)Ltd. 1,500.00 26-Jan-21 1-Feb-21 100 N
36 11 NRBC Bank Ltd. 1,200.00 3-Feb-21 9-Feb-21 500 N
12 Desh General Insurance Company Ltd. 160.00 14/Feb/21 18-Feb-21 500 N
13 Index Agro Industries Ltd. 500.00 22-Feb-21 28-Feb-21 100 N
14 Sonali Life Insurance Company LTD. 190.00 30-May-21 3-Jun-21 500 N
15 Baraka Patenga Power Ltd. 2,250.00 13/Jun/21 17-Jun-21 N

Declared Right-Ratio (July 2020-June 2021)

Company Issue
Ratio Sub.Open Sub.Close Record date No. of Shares Pemium of Tk. Issued Cap.
Name Price(Tk.)
1 Pragati Life Insurance Ltd 1R:1Ex. 24-Sep-20 20-Oct-20 7-Sep-20 15,351,551 15 5 230,273,265.00
2 National Polymer Industries Ltd. 1R:1Ex. 24-Jan-21 8-Feb-21 7-Jan-21 36,491,834 15 5 547,377,510.00
LIFE INSURANCE
10001 DELTA LIFE INSURAN 2244 710861 69298667.6 200 52.7 155.1 178
10002 NATIONAL LIFE INS. 126 3421712 842082827.2 294 215.1 249 65
10003 SANDHANI LIFE INS. 24021 22908689 796529412.9 49 15.7 45.5 233
10004 POPULAR LIFE INSURANCE COMPANY LIMITED. 485 144450 15235380.9 126 83.3 113.7 32
10005 FAREAST ISLAMI LIFE INSURANCE COMPANY LIMITED 845 340829 19247843.3 75 40.4 67.7 155
10006 MEGHNA LIFE INSURANCE CO. LTD. 517 448249 31106540.5 140 40 90 124
10007 PROGRESSIVE LIFE INSURANCE CO. LTD. 354 229096 28004336.6 169 100 122.5 91
10008 PRAGATI LIFE INSURANCE LTD. 1003 653408 64524343.6 147 88.3 115 76
10009 PRIME ISLAMI LIFE INSURANCE LTD 311 826148 67666341.8 96 45 72 70
10010 RUPALI LIFE INSURANCE COMPANY LTD. 2458 1514186 95770862 94 34 81 204
10011 PADMA ISLAMI LIFE INSURANCE LTD. 1394 843033 24373436.1 59.5 14.4 32.9 129
10012 SUNLIFE INSURANCE COMPANY LIMITED 460 217813 5866625.9 42.4 17.1 32.9 120
10013 SONALI LIFE INSURANCE COMPANY LTD. 5 123 1353 100 11 11 1
GENERAL INSURANCE
11001 RUPALI INSURANCE 11586 9620618 369266545.3 54.8 14 42.5 236
11002 PEOPLES INSURANCE COMPANY LTD. 4823 3486605 151698783.6 59.9 17.2 47 226
11003 GREEN DELTA INS. 1952 1790623 155448990.3 151 45.1 122.8 160
11004 RELIANCE INSURANCE 625 648591 43151938.2 130 39 110.4 107
11005 JANATA INSURANCE 4232 3811152 130467226.3 65.3 14.3 39.7 215
11006 CENTRAL INSURANCE 3109 14277179 792089800.3 70.9 24 57.5 217
11007 FEDERAL INSURANCE 34128 30916431 830385323.9 52.6 9 40 245
11010 BGIC 7613 6482105 261574605.1 64 22.2 48.8 227
11011 PRAGATI INSURANCE 1701 2806758 176665183.8 132 32.2 100 138
11013 PHOENIX INS. 1959 2146969 112379158.1 80 23.5 59.2 154
11014 EASTERN INSURANCE COMPANY LTD 479 6047093 620519790.4 164 31 129 121
11015 EASTLAND INSURANCE 4364 3996065 143195424.9 48.5 20.3 38.2 207
11016 PRIME INSURANCE COMPANY LIMITED 1347 1215463 62414224.9 76.8 19.2 62.5 164
11017 PIONEER INSURANCE COMPANY LIMITED 2332 18988593 2333608023 219.7 27 162.5 185
11021 NITOL INSURANCE CO. LTD. 2929 2069597 121167323.4 76 24.7 58.7 220
11022 ASIA PACIFIC GENERAL INSURANCE CO. LTD. 4417 11809073 623683803.7 92.8 21.9 71.5 174 37
11024 SONAR BANGLA INSURANCE LTD. 4190 3014260 180760812.2 124 26 93.2 229
11027 PARAMOUNT INSURANCE CO.LTD 1768 639578 57646251.9 159 33 93.1 146
11028 CITY GENERAL INSURANCE CO.LTD 13683 10639244 335838560 53.8 12.2 39.8 237
11029 CONTINENTAL INSURANCE LIMITED 7278 4649248 214211981.7 64 18 49 230
11030 TAKAFUL ISLAMI INSURANCE LTD. 820 1442109 73418990.4 67.9 25.7 58.5 190
11031 STANDARD INSURANCE LTD 1627 7358866 531789741.9 107 37.1 72.4 84
11032 NORTHERN ISLAMI INSURANCE LIMITED 6691 4782427 215443040.5 72.8 15 61.9 230
11033 REPUBLIC INSURANCE COMPANY LTD 7002 4940770 252062354.6 72.5 19.3 58.8 231
11034 MERCANTILE INSURANCE CO. LTD 6633 9089014 338234875.2 63 25.2 57.3 230
11035 ASIA INSURANCE LTD. 2361 8487709 743868011.4 135.5 15 105.9 196
11036 ISLAMI INSURANCE BANGLADESH LIMITED 3740 2648809 130045648.8 79 21.1 56 206
11037 PROVATI INSURANCE CO. LTD. 1806 1540941 94832024.7 195 15.8 185.8 188
11038 DHAKA INSURANCE LIMITED 3601 1907380 124052652.7 119 25.1 88 213
 11039 BANGLADESH NATIONAL INSURANCE COMPANY LIMITED 2955 9984838 818209310.8 170 15 137 208
11040 EXPRESS INSURANCE LIMITED 31347 19138389 616635310.2 47.3 15 39.1 210
11041 CRYSTAL INSURANCE COMPANY LIMITED 18878 10064801 500614868.2 73.8 15 63.9 129
11042 DESH GENERAL INSURANCE COMPANY LIMITED 20901 10569919 419023368.7 57 15 48.7 63
TEXTILE
12002 PRIME TEXTILE 1024 1155449 22676766.5 28.3 14.5 21.4 128
12004 APEX SPINNING 260 34430 4592061.5 175 77 125 49
12006 DULAMIA COTTON 0 0 0 0 0 10.2 0
12008 BEXIMCO SYNTHETICS 429 529310 4261082.8 9.7 3 8 40
12012 ALIF INDUSTRIS LIMITED 3526 2559830 78279654.6 67 21.6 38.1 194
12015 MONNO FABRICS LIMITED 414 9313161 129914333.9 37.2 11 30.6 14
12017 ALLTEX IND. 1126 1462973 13644250.2 24.5 6.3 12.2 171
12022 SONARGAON TEXTILE 715 542723 13911251.2 35 18.6 25.4 88
12023 DELTA SPINNERS LTD. 9965 17492016 158892255.1 13.8 3 10.3 230
12024 H.R. TEXTILES 609 835568 33574202.1 90.7 34.2 45.9 135
12025 ANLIMA YARN 4262 2299731 80763263.6 52 25.8 37.5 236
12026 TAMIJUDDIN TEXTILE MILLS LTD. 0 0 0 165.4 165.4 0 0
12030 SIAHAM TEXTILE MILLS LTD. 3930 4841308 122235434.4 45.4 17.9 23 143
12031 SAFKO SPINING MILLS LTD 2473 2375653 37854004.4 35.8 7.3 24.2 203
12032 TALLU SPINNING MILLS LIMITED 982 1254976 6345496.2 16.6 2.7 6.6 186
12033 MITHUN KNITTING AND DYEING LIMITED 769 492794 5198716.3 26.7 6 12.9 145
12034 SQUARE TEXTILES LIMITED 1332 680945 24622011.5 56.9 26.2 46 202
12035 METRO SPINNING LIMITED 6521 12775344 135804954.4 36.3 5.3 17.8 208
12036 MAKSONS SPINNING MILLS LTD. 18335 41911052 459670863.6 37 4 19.6 239
12037 DACCA DYEING & MANUFACTURING CO. 2184 3690938 37468426.9 30 2.6 20.4 210
12038 R. N. SPINNING MILLS LTD. 7113 18000147 80281487.3 8.9 3 5.2 232
12039 MALEK SPINNING MILLS LTD. 3837 6077962 145652265 41 10.1 31.3 188
12040 ZAHINTEX INDUSTRIES LTD. 3671 5880440 37924215.1 11.4 3.4 8 215
12041 SAIHAM COTTON MILLS LTD. 4230 9164256 156210415.8 22 12.6 18 132
12042 GENERATION NEXT FASHIONS LTD. 8571 23623742 104043325.4 9.2 2 5.5 244
38 12043 ENVOY TEXTILES LIMITED 525 186396 4723770.8 48 18 28.7 148
12044 ARGON DENIMS LIMITED 2411 3698536 83366865.6 29.5 15 26.8 205
12045 FAMILYTEX (BD) LTD. 9251 25145943 83052820.4 6.8 1.7 3.6 244
12046 PARAMOUNT TEXTILE LIMITED 2672 5786681 336312414 94 42.9 54.3 187
12047 MOZAFFAR HOSSAIN SPINNING MILLS LTD. 2278 4534098 67882508.1 26.1 7 18.7 186
12048 MATIN SPINNING MILLS LTD. 503 1045631 44927384.5 74 32 52.4 113
12049 HWA WELL TEXTILES (BD) LTD. 90 51125 1812337.7 53 28.5 45.4 44
12050 FAR EAST KNITTING & DYEING INDUSTRIES LTD. 3950 5836783 68776257.2 25.6 7.7 14 228
12051 TUNG HAI KNITTING & DYEING LIMITED 1859 3857290 15098199.9 8.6 1.7 5 212
12052 HAMID FABRICS LTD. 2360 6087536 146591557.1 29.9 14 18.3 184
12053 C & A TEXTILES LTD. 7872 30585883 95289851.4 9.2 1.7 4.4 244
12054 SHASHA DENIMS LTD. 2528 1882667 44054415.6 33.9 18 25.5 181
12055 ZAHEEN SPINNING LTD. 5767 10544894 77631917.8 12.5 5 9.1 204
12056 TOSRIFA INDUSTRIES LIMITED 1162 1094156 14848355 25.2 10.1 18.2 171
12057 SIMTEX INDUSTRIES LTD. 2100 3450584 57778318.5 25.5 12 18.2 170
12058 REGENT TEXTILE MILLS LTD. 4763 5630534 55139121 17.4 7 10.5 212
12059 DRAGON SWEATER & SPINNING LTD. 22631 33680233 477480658.1 24.6 8.1 18.7 238
12060 EVINCE TEXTILES LIMITED 6232 13591629 129496921.3 15.3 6.4 10.1 214
12061 PACIFIC DENIMS LIMITED 9874 15712791 172569811.3 19.9 7.3 13.2 226
12062 SHEPHERD INDUSTRIES LIMITED 6476 7716761 116903735.9 29.5 11.6 15.4 188
12063 NURANI DYEING & SWEATER LTD. 8909 16846145 135561607.9 11.8 6 8.9 192
12064 QUEEN SOUTH TEXTILE MILLS LTD. 2054 2030803 60994825.6 35.5 21 31 136
12065 AMAN COTTON FIBROUS LTD. 7674 15843416 487445968.1 53 15.4 45 225
12066 VFS THREAD DYEING LIMITED 7493 7341306 176032004.1 32.5 15.6 26.1 167
12067 M. L. DYEING LIMITED 5201 5071579 186308863.1 67 28.1 29.2 143
12068 KATTALI TEXTILE LIMITED 9737 20051476 347282418.9 35.9 7.9 31.5 228
12069 ESQUIRE KNIT COMPOSITE LIMITED 7572 3400137 99672856 44 18.2 40.4 234
12070 NEW LINE CLOTHINGS LIMITED 5273 6626735 108361265.8 36 10.6 30.7 224
12071 RING SHINE TEXTILES LTD. 46725 118153816 907258029.8 15.5 4.7 10.7 223
PHARMACEUTICALS
13002 SQUARE PHARMA 40434 8935065 1864608657 253 158.5 215.6 246
13003 ACI LTD 3978 3403894 897586001.9 355 168 261.7 233
13005 BEXIMCO PHARMA 32748 33291902 5317912775 255.8 53 176.6 246
13006 RECKIT BENCKISER (BD) LTD. 285 1747 7138015.2 5020 2680 4330 83
13007 AMBEE PHARMA 242 6715 2910149.2 641.1 363 384.5 84
13008 ORION INFUSION 4239 1954931 149953956.1 112 51 68.6 213
13011 KOHINOOR CHEMICAL 208 126411 61365829.6 532.2 325 393 63
13012 LIBRA INFUSIONS LIMITED 186 2658 1688584.8 1040.6 500 560 68
13013 IBN SINA PHARMA 2597 503213 122949072 305 201 240.7 137
13015 WATA CHEMICALS LTD. 1488 79184 25933770.7 405 272.2 273 150
13017 KEYA COSMETICS LIMITED 41388 124847889 831017143.4 11.2 2.3 8.5 246
13020 BERGER PAINTS BANGLADESH LTD. 2107 56944 93906177.9 1950 1210 1760 211
13021 ACI FORMULATIONS LTD 623 97071 12188170.1 208 82.1 147.8 136
13022 MARICO BANGLADESH LIMITED 579 264496 541748320.3 2500 1554 2236.8 141
13023 BEACON PHARMACEUTICALS LTD. 4637 16293752 1315942726 244 41.1 121.5 241
13024 ACTIVE FINE CHEMICALS LTD. 22270 23805984 419847785.8 34.5 10.7 18.3 245
13025 SALVO CHEMICAL INDUSTRY LTD. 3766 2690607 51574737.4 59 8.5 33 214
13026 GLOBAL HEAVY CHEMICALS LIMITED 468 182391 6348939.1 47.8 24 38.1 135
39
13027 ORION PHARMA LTD. 18429 13599610 705649662 117.2 24.6 54.2 242
13028 CENTRAL PHARMACEUTICALS LTD. 14686 19840382 254866087.1 23 8.4 13.3 231
13029 AFC AGRO BIOTECH LTD. 2100 1864417 34740335.4 38.8 14.6 19.8 175
13030 FAR CHEMICAL INDUSTRIES LTD. 16815 32463800 334628899.8 18.9 6.9 12.1 226
13031 ACME LABORATORIES LTD. 3261 2483351 182733991.3 117 54 74 231
13032 ADVENT PHARMA LIMITED 4714 16300135 351291248.3 37.7 18 24.9 199
13033 SILVA PHARMACEUTICALS LIMITED 4829 4758201 92687904.9 28.7 13.5 19.6 220
13034 INDO-BANGLA PHARMACEUTICALS LTD. 11902 13360748 277134720.7 27.8 14.7 19.9 227
13035 SILCO PHARMACEUTICALS LIMITED 3472 7085238 181524631.5 36.9 18.4 26.2 213
FOODS & ALLIED PROCUCTS
14001 APEX FOOD 623 104582 13469063.6 197.2 104.2 124 100
14005 AMCL(PRAN) 193 13970 2799453.5 338 175 189.9 98
14010 NATIONAL TEA 224 7067 3452434.8 615 442.7 546.7 71
14012 RAHIMA FOOD CORP. LTD 10366 2209947 466563885.8 383.8 175.4 222 138
 14017 FU-WANG FOODS LIMITED 12099 13360561 212578637.3 24.7 9.5 16.4 245
14018 BANGAS LIMITED 4145 602868 79593379.1 173 102 115.2 221
14021 BEACH HATCHERY LIMITED 638 605621 9983632.9 32 12.1 17.5 121
14022 FINE FOODS LIMITED 3023 1205630 70618651.7 100 37.6 45.2 215
14023 RANGPUR DAIRY & FOOD PRODUCTS LTD. 6099 16435302 340394493.2 55.5 10.2 35.7 233
14025 GOLDEN HARVEST AGRO INDUSTRIES LTD. 8852 9943414 167916587.6 24 13.7 16.5 213
14026 OLYMPIC INDUSTRIES LIMITED 1007 631804 110791248.8 223 132 170.1 194
14027 EMERALD OIL INDUSTRIES LTD. 1991 2159170 35567658.5 44 8.6 27.9 207
14028 TAUFIKA FOODS AND LOVELLO ICE-CREAM PLC 26838 18325140 444322546.9 39.8 15 28.2 93
CEMENT
15001 CONFIDENCE CEMENT 8135 2935704 358313751.3 169.5 83 135.1 228
15002 HEIDELBERG CEMENT BANGLADESH LTD 1611 501824 145287410.9 374.9 123.5 310 192
15003 MEGHNA CEMENT 132 24507 1879588.4 103 55.1 71 39
15005 ARAMIT CEMENT LIMITED 3255 2334656 71361663 63.8 10.8 43.8 200
15009 LAFARGE HOLCIM BANGLADESH LIMITED 47985 36795596 1904732469 108 32.2 59.2 246
15010 M.I. Cement 2135 463907 24696812 87.9 35.2 69.5 199
15011 PREMIER CEMENT MILLS LIMITED 333 236743 15031904.3 97.5 40 70 99
ENGINEERING
16001 AZIZ PIPE 1830 386258 39576141.8 171.9 84.5 90 191
16002 QUASEM INDUSTRIES LIMITED 3174 2213267 96156485.7 65 31.5 46.5 208
16003 ANWAR GALVANIZING 1327 388401 46597842.2 470 60.3 208.9 151
16004 AFTAB AUTO. 5442 2886260 79604551.2 41.4 21 28 233
16009 BD. THAI ALLUMINIUM 10637 9692921 226534250.9 32 8.5 24.8 230
16012 BD. AUTO CARS 0 0 0 0 0 37.6 0
16013 BD. LAMPS LTD. 1077 140630 23071083.2 270 113 175 178
16014 KAY & QUE (BANGLADESH) LTD 259 26740 5793621.9 347 180 223.5 47
16015 EASTERN CABLES LTD. 807 77710 12136540.2 224 126 131.1 149
16016 RANGPUR FOUNDRY LTD. 204 23926 3042523.6 195 110 116 81
16017 BD WELDING ELECTRODES LTD 1243 879999 19392676.5 30.9 14 19.9 166
16019 SINGER BANGLADESH LIMITED 5819 1182196 198583267 220 132.4 181 236
16020 S Alam Cold Rolled Steels Ltd. 3374 2404641 58955408.7 40 16.5 33.1 219
16021 Golden Son Limited 9483 10914988 152170977.9 20.7 5.3 16.3 242
16022 BSRM STEELS LTD 6569 4952276 221567153.2 82.7 29 56.3 241
16023 NAVANA CNG LIMITED 1259 631589 22675214.3 47.6 29.7 34.9 179
40 16024 GPH ISPAT LTD. 9136 8591228 282430316.8 74.4 22.4 35.2 235
16025 BENGAL WINDSOR THERMOPLASTICS LTD. 1599 1089173 21975762.2 32.5 15.1 24.8 164
16026 BANGLADESH BUILDING SYSTEMS LTD. 5532 17406724 282690083.5 24 14 17.6 231
16027 APPOLLO ISPAT COMPLEX LIMITED 31039 64346561 454879784 14.8 2.4 8.4 246
16028 SHURWID INDUSTRIES LTD. 4637 4564282 93237098.3 33.7 14.9 17.8 123
16029 RATANPUR STEEL RE-ROLLING MILLS LTD. 6618 4798706 116852176.1 37.8 18.2 22 231
16030 WESTERN MARINE SHIPYARD LTD. 16181 21548678 257530798.4 17.5 8.6 12.4 227
16031 IFAD AUTOS LIMITED 7634 4223507 214446300.5 68.3 32.9 50.7 233
16032 BANGLADESH STEEL RE-ROLLING MILLS LTD. 10991 4289687 310817502.5 124.4 45 86 237
16033 OLYMPIC ACCESSORIES LTD. 13855 27145941 237635425.4 18.1 5.9 15 229
16034 KDS ACCESSORIES LTD. 3657 4202489 196200950.7 83.2 33 49 230
16035 BBS CABLES LTD. 17281 14204710 809474898.8 83.3 48 63.6 240
16036 OIMEX ELECTRODE LIMITED 4117 3089066 76938072.1 31 17.1 24.1 215
16037 NAHEE ALUMINUM COMPOSITE PANEL LTD. 1801 1077002 53300975.4 68 31.1 43.1 175
16038 S. S. STEEL LIMITED 51323 66572976 1134247556 28.6 8.7 20 242
16039 RUNNER AUTOMOBILES LIMITED 4417 3243462 166384125.3 73 39 65.5 224
16040 COPPERTECH INDUSTRIES LTD 6193 4832492 117230582.3 48.9 17.6 34 214
16041 WALTON HI-TECH INDUSTRIES LTD. 62225 1226100 1127574888 1525 378 1341 189
16042 DOMINAGE STEEL BUILDING SYSTEMS LIMITED 39236 20250419 628482202.8 45.6 15 26.5 141
16043 MIR AKHTER HOSSAIN LIMITED 44766 7507155 625132372.3 119 56.8 82.4 100
LEATHER & FOOTWEAR
17001 APEX TANNERY 815 262890 28964489.2 159.9 100 108.5 115
17002 APEX FOOTWEAR LIMITED 149 6347 1480558.9 325 194 214.6 76
17007 SAMATA LEATHER COMPLEX 376 82127 8834486.8 179 68.5 74.3 61
17008 LEGACY FOOTWEAR LIMITED 4778 1227233 82845059.7 90.4 49.6 58 189
17009 BATA SHOE COMPANY LTD. 1096 31229 21898353 998 633 643.5 212
17010 FORTUNE SHOES LIMITED 30087 32767333 715530850 98 13.4 44.3 240
SERVICES & PROPERTIES
18002 EASTERN HOUSING 1456 751247 34178950.3 67 37 53.1 193
18004 SAMORITA HOSPITAL LTD. 1962 666272 42807867.2 108.5 55 66 112
18005 SUMMIT ALLIANCE PORT LTD. 9654 6517887 176419825.6 36 15.1 27.3 243
18008 UNIQUE HOTEL & RESORTS LTD. 1052 432214 16693454 63 31.1 39.1 173
18009 PENINSULA CHITTAGONG LIMITED 13971 13654761 284658229 35.6 14.5 21.2 231
18010 SAIF POWERTEC LIMITED 34443 38763551 809671846.2 48.5 11.1 22.9 244
18011 SEA PEARL BEACH RESORT & SPA LIMITED 1075 966798 57297119.6 83.4 39 43.2 95
PAPERS & PRINTING
19003 SONALI PAPER & BOARD MILLS LIMITED 141 158702 40544858.2 541 202 224.7 36
19006 SINOBANGLA INDUSTRIES LTD 3395 1364770 73490013.3 86.3 40.2 50 205
19007 BD MONOSPOOL PAPER MFG.CO 19 1661 309876 225.1 142.1 189 4
19008 MIRACLE INDUSTRIES LTD. 12021 9383977 274325586.8 47.6 14.3 32.9 240
19009 HAKKANI PULP & PAPER MILLS LIMITED 4113 1737200 140964154.6 117.4 39 67.9 173
19010 KHULNA PRINTING & PACKAGING LTD. 3867 5896080 91946801.5 21.4 11.8 16 130
19011 BASHUNDHARA PAPER MILLS LTD. 7441 3444070 148971824.9 58 35 44.1 241
OIL & FUEL
20002 PADMA OIL 2604 476257 95075776.4 250 159 202 229
20004 SUMMIT POWER LTD. 21807 33291920 1475940432 58.3 32.2 44.1 246
20005 DHAKA ELECTRIC SUPPLY CO. LTD. 1188 673983 24091039.8 45.5 31.3 33.8 190
20006 POWER GRID COMPANY OF BANGLADESH LTD 5393 5004319 248347911.9 73.9 38 44.9 213 41
20007 JAMUNA OIL COMPANY LIMITED 2495 734259 113542417.2 198 125.7 163.4 236
20008 MEGHNA PETROLEUM LIMITED 3782 3668622 682836062.4 219.9 147.5 185.1 236
20009 TITAS GAS TRANSMISSION AND DISTRIBUTION COMPANY LTD 6519 4323393 147078497 47.6 27.7 35.6 246
20010 KHULNA POWER COMPANY LTD. 26150 15435902 711922667.5 60.8 31.7 37 234
20011 BARAKA POWER LIMITED 11854 13065270 365304987.7 34.2 18 26.9 242
20012 MJL BANGLADESH LTD. 3932 742556 59297730.5 116 61 84.2 242
20013 LINDE BANGLADESH LIMITED 619 175533 222683260.3 1775.1 1160 1269.7 139
20014 GBB POWER LTD. 13572 31136941 890940838.4 51.9 11 30.5 240
20016 CVO PETROCHEMICAL REFINERY LTD. 3195 459712 52442246 274 78 88.2 151
20017 SHAHJIBAZAR POWER CO. LTD. 2964 835173 63854348.4 131 64.1 72.1 229
20018 UNITED POWER GENERATION & DISTRIBUTION CO. LTD. 8977 3095218 876184083.4 332 193.1 275.8 238
20019 DOREEN POWER GENERATIONS AND SYSTEMS LIMITED 2650 1317263 84033190 96.9 50.5 64 226
20020 INTRACO REFUELING STATION LTD. 10533 11713090 206392071.7 27.7 10.6 22 238
20021 ASSOCIATED OXYGEN LIMITED 20159 10571597 523765233.2 70 15 49 167
 20022 ENERGYPAC POWER GENERATION LTD. 66040 20727630 1235235587 101.8 38 50.5 110
20023 LUB-RREF (BANGLADESH) LTD 69500 24792627 1120698880 61.5 30 48.1 76
20024 BARAKA PATENGA POWER LIMITED 0 0 0 55.1 31.9 0 0
MUTUAL FUNDS
21016 GRAMEEN MUTUAL FUND ONE:SCHEME TWO 3333 4393748 71658709.4 22.3 10.5 17.5 219
21017 PRIME FINANCE FIRST MUTUAL FUND 1476 1745716 33231939.9 26 10.9 19.3 181
21018 EBL FIRST MUTUAL FUND 2275 5229636 36034790.2 10.3 3.9 7.7 217
21019 ICB AMCL SECOND MUTUAL FUND 345 1472120 13294329.9 15.1 7.1 12 123
21020 ICB EMPLOYEES PROVIDENT MUTUAL FUND ONE: SCHEME ONE 599 1264683 9356838.9 9.1 4.1 8.4 159
21021 TRUST BANK FIRST MUTUAL FUND 10965 32906528 212717471 8.2 4.4 6.8 226
21022 PRIME BANK 1ST ICB AMCL MUTUAL FUND 868 1199656 8306238 9.4 4.5 7.2 193
21023 DBH FIRST MUTUAL FUND 1457 3973739 29013155.4 10.3 6.2 7.8 191
21024 IFIC BANK 1ST MUTUAL FUND 4377 12197046 77831695.7 8.2 4.3 6.6 209
21025 PHOENIX FINANCE 1ST MUTUAL FUND 3195 6423660 57750410.8 12.9 4.8 10.7 228
21026 ICB AMCL THIRD NRB MUTUAL FUND 2342 4267814 28639086.5 8.2 4.4 7.1 230
21027 FIRST JANATA BANK MUTUAL FUND. 8999 69517979 433075238.9 10 3.8 6.9 233
21028 GREEN DELTA MUTUAL FUND 1612 6485774 49748085.7 10.3 5.8 7.8 200
21029 POPULAR LIFE FIRST MUTUAL FUND 4532 11143073 64547372.6 7.7 3.9 6.2 225
21030 IFIL ISLAMIC MUTUAL FUND-1 776 888127 6069902.2 8 5 6.8 194
21031 PHP FIRST MUTUAL FUND 6335 13711706 83661483.6 8 4 6.7 233
21032 AIBL 1ST ISLAMIC MUTUAL FUND 539 1465660 14678853.5 14.4 6.3 9.2 102
21033 MBL 1ST MUTUAL FUND 1442 4477625 37569404.2 10.5 6.3 8.4 137
21034 SOUTHEAST BANK 1ST MUTUAL FUND 145 349613 3865069.3 13 9 13 60
21035 EBL NRB Mutual Fund 1391 4938199 32171581.4 8.7 4.3 7 147
21036 1ST SCHEME OF RELIANCE INS. MF 492 3560633 41247809.1 15.8 8 13.5 96
21037 LR GLOBAL BANGLADESH MUTUAL FUND ONE 374 772067 5624010.6 9.5 5.9 7.8 94
21038 AB BANK 1ST MUTUAL FUND 5941 18306902 118595783.3 8.2 4 6.8 213
21039 NLI FIRST MUTUAL FUND 481 932610 12319569.2 19.7 9 14.8 108
21040 FIRST BANGLADESH FIXED INCOME FUND 13516 42060789 238657414.5 7.4 3.1 6.1 236
21041 NCCBL MUTUAL FUND-1 322 773906 6703187.8 11.7 5.4 7.9 103
21042 ICB AMCL SONALI BANK LIMITED 1ST MUTUAL FUND 156 2319191 19614891.4 10.3 5.3 8.1 57
21043 EXIM BANK 1ST MUTUAL FUND 2506 7078487 51363412 10.1 3.8 7.9 181
42 21044 ASIAN TIGER SANDHANI LIFE GROWTH FUND 1332 3653290 36449261 15.5 6.5 11.2 175
21045 SEML LECTURE EQUITY MANAGEMENT FUND 551 2088433 20633121.3 13.8 5 11 116
21046 VANGUARD AML BD FINANCE MUTUAL FUND ONE 111 864494 6517568.6 11.7 5.4 9.5 56
21047 VANGUARD AML RUPALI BANK BALANCED FUND 165 290973 2531414.2 13.5 3.9 8.9 66
21048 CAPM BDBL MUTUAL FUND 01 542 1354657 14222608.3 15.6 7.3 10.5 100
21049 SEML IBBL SHARIAH FUND 296 903359 9603388.7 14.9 6 12.8 102
21050 ICB AMCL FIRST AGRANI BANK MUTUAL FUND 128 405552 3158488.4 9.7 5.1 8.5 48
21051 CAPM IBBL ISLAMIC MUTUAL FUND 408 517154 10173953.9 30.4 6.7 21 119
21052 SEML FBLSL GROWTH FUND 746 1617532 15794134.3 14.5 6.9 10 139
BANKING
22002 AB BANK LTD. 31502 49435109 610181937 17.2 6.2 14.8 245
22003 NATIONAL BANK 56558 223036825 1793814105 9.8 6.4 8 246
22004 U.C.B.L. 9555 37735466 604360205.9 19.5 10.9 16.6 244
22005 RUPALI BANK 2167 1447510 46200185.7 41.8 22.4 37 208
22006 CITY BANK 17725 34810533 912422895.5 33.8 14.9 26.6 242
22007 PUBALI BANK 2143 10381140 255616049 27.8 19.1 25.2 236
22008 ISLAMI BANK 8333 6778245 176094600.7 32 15.5 29.9 245
22010 IFIC BANK LTD. 56722 206905732 2613034541 18.1 7.9 12.7 244
22012 AL-ARAFAH ISLAMI BANK LTD 3228 14078293 311197405.5 29.4 13.4 23.2 236
22013 PRIME BANK LIMITED 2957 12578798 281305893.9 27.9 13.8 22.9 185
22014 DHAKA BANK LIMITED 5269 8145398 109506238.8 17.5 9 14 236
22015 SOUTHEAST BANK LIMITED 11105 27061260 375933793.1 17.5 10.8 14.3 243
22016 NATIONAL CREDIT & COMMERC BANK LTD. 10189 29981624 437498989.6 19 11 14.5 244
22017 DUTCH-BANGLA BANK LIMITED 4784 30777812 2264133948 95.8 51 90 238
22018 MUTUAL TRUST BANK LIMITED 732 9700291 228057514.4 31 16 21.5 90
22020 STANDARD BANK LIMITED 8712 21590751 194479257.5 11 7.4 9 238
22021 ONE BANK LIMITED 14275 38063767 448523725.7 15.8 8 12.8 244
22022 BANK ASIA LIMITED 1716 15702596 281061616.8 21.3 15.3 18.4 204
22023 MERCANTILE BANK LIMITED 9319 16948687 221706737.5 16.8 9.9 14.8 242
22024 UTTARA BANK LIMITED 7464 8203013 197870076.5 28.9 22.5 23.7 238
22025 EASTERN BANK LIMITED 1923 13501531 456440690.1 42 30 35 181
22026 EXPORT IMPORT BANK OF BD. LTD. 15178 40185983 481024046.9 13.9 8 11.4 244
22027 SOCIAL ISLAMI BANK LIMITED 3858 4704401 62357592.9 15.7 11 13.3 239
22028 JAMUNA BANK LTD. 5202 25370983 452456498 25.9 14.7 21.5 241
22029 BRAC BANK LTD 18349 87873680 3517312282 56.1 27.2 49.2 244
22030 SHAHJALAL ISLAMI BANK LTD. 1749 1505345 31408037.1 24.8 18.4 20 217
22031 THE PREMIER BANK LTD. 19823 49778827 591703825.6 15.5 9.1 12.5 243
22032 TRUST BANK LIMITED 1350 934142 30079441.8 39 22.3 38.5 202
22033 FIRST SECURITY ISLAMI BANK LTD 22933 53897585 553074041.8 13.8 7.6 10.8 239
22034 NRB COMMERCIAL BANK LIMITED 58344 53618695 1038201455 39.7 10.8 32.2 67
22035 SOUTH BANGLA AGRICULTURE & COMMERCE BANK LIMITED 0 0 0 28.1 11 0 0
CERAMICS
23001 MONNO CERAMIC 5816 1105499 148041952.6 183.9 97.3 118 183
23003 STANDARD CERAMIC 1221 104386 31107865.7 740 186.1 199.7 74
23004 FU-WANG CERAMIC IND. 10366 14370708 175225519.7 28.9 5.8 15.1 238
23005 SHINEPUKUR CERAMICS LTD 24472 25553924 693540160.4 45.5 7.1 25.8 232
23006 R.A.K. CERAMICS (BANGLADESH) LTD. 6267 4267027 125660510.2 55.5 22.5 34.9 237 43
INFORMATION COMMUNICATION & TECHNOLOGY
24003 INFORMATION SERVICES NETWORK LTD 3731 1659943 71449608.3 69.8 27.7 37.6 233
24004 BDCOM ONLINE LIMITED 4049 3211753 76309526.6 30.5 15.2 23.8 233
24005 INTECH LIMITED 2804 2692177 94557457.5 46 11.9 34 211
24006 AGNI SYSTEMS LIMITED 5648 5383187 106719600.5 26.3 12.5 20 236
24007 DAFFODIL COMPUTERS LIMITED 435 3782344 259368809.4 83.9 51.5 60.2 82
24008 AAMRA TECHNOLOGIES LTD. 1140 1126303 28624238.1 40.5 20.6 26.6 191
24009 IT CONSULTANTS LIMITED 2504 1618918 54503659 48.4 26.7 35.1 212
24010 AAMRA NETWORKS LIMITED 1899 2960529 128121520 64 28.5 41 207
24011 GENEX INFOSYS LIMITED 1320 9430187 598371024.6 137 49 88.1 145
24012 ADN TELECOM LIMITED 13649 8406177 397306915.5 84 26.5 49.4 237
24013 EGENERATION LIMITED 12634 6438638 244015318.4 70 15 47.7 85
 LEASING & FINANCE
25001 I.C.B. 1877 1855225 196097474.7 178 61.7 117.6 202
25002 IDLC FINANCE LIMITED 1584 2617690 164143603.6 88 37.8 59.4 200
25003 UTTARA FINANCE 779 255144 11579093.9 59.8 35.4 36.8 156
25004 FIRST FINANCE LIMITED 234 258979 1777429.7 9.8 4.1 7.2 81
25005 MIDAS FINANCING LIMITED 2900 5146120 104562917.4 27.5 8.2 19 203
25006 PEOPLE'S LEASING & FINANCIAL SERVICES LTD. 0 0 0 0 0 3 0
25007 PRIME FINANCE & INVESTMENT LTD. 5758 9522519 118369880.7 20.5 5.6 12.4 220
25008 PREMIER LEASING INTERNATIONAL LTD. 2351 4243224 31039423.8 14.5 4.7 8.5 204
25009 ISLAMIC FINANCE AND INVESTMENT LTD. 5506 7082842 145718954 35.4 11.1 23 232
25010 LANKA BANGLA FINANCE LTD. 83892 93804042 2867807882 48.5 11.7 35.6 244
25011 BD INDUSTRIAL FINANCE CO. LTD 321 382435 1861188.9 9.4 2 5.2 110
25012 IPDC FINANCE LIMITED 3554 3956283 110180870.1 49.6 18.9 27.8 223
25013 UNION CAPITAL LIMITED 4944 8550999 66619560.7 16.6 4.5 7.8 226
25014 BANGLADESH FINANCE LIMITED 14245 18892251 548073503.4 71 7.1 50.7 228
25015 INTERNATIONAL LEASING AND FINANCIAL SERVICES LTD 11845 29085987 177524890.7 11.3 3 6.4 233
25016 PHOENIX FINANCE AND INVESTMENTS 139 198451 4970215.4 35.5 19.5 31.3 63
25017 FAS FINANCE & INVESTMENT LTD 16542 37843377 245754493.3 11.7 3.4 6.6 240
25018 DELTA BRAC HOUSING FINANCE CORPORATION LIMITED 1809 834716 76834736 128.2 70 75 160
25019 NATIONAL HOUSING FINANCE AND INVESTMENT LTD. 3266 4020655 156714715.4 98 21.7 45.7 229
25020 BAY LEASING & INVESTMENT LTD. 2020 2322245 58902676.4 38 9.9 25.9 205
25021 GSP FINANCE CO. (BANGLADESH) LTD. 13860 17538947 346160652.2 28.2 11 21.5 243
25022 FAREAST FINANCE & INVESTMENT LTD. 1631 3085716 13806210.5 10.6 2.5 4.8 183
TELECOMMUNICATION
26001 GRAMEENPHONE LIMITED 13059 4399036 1489148284 396.9 212.1 352.3 245
26002 BANGLADESH SUBMARINE CABLE CO. LTD. 11831 4061501 617416243.7 241.9 67 169.4 245
26003 ROBI AXIATA LIMITED 330872 185467276 9071627806 75.9 14.9 43.9 125
MISCELLANEOUS
32001 USMANIA GLASS 772 158112 8027459.8 84.5 39.6 54 157
32002 ARAMIT 365 21200 5546171.3 455 197 301 102
32003 BEXIMCO 133229 134424649 6719000050 150.9 11.4 89.5 245
32004 BD SHIPPING CORPORATION 13744 4749612 211192122.5 59.5 33 44.5 242
44 32005 NATIONAL POLYMER 6424 3067581 199713382 87 48.8 57.2 189
32006 GQ BALL PEN 1450 242656 35791527.9 251.5 63 112.8 178
32007 IMAM BUTTON 454 151909 4565816.6 43.5 19.1 26.4 104
32009 BATBC 81098 8066521 6234844467 2100 500 537.6 242
32017 JMI SYRINGES & MEDICAL DEVICES LTD. 3257 229128 79330569.6 460 246 329.6 220
32018 DESHBANDHU POLYMER LTD. 7573 10068101 121290027.1 27.8 9.2 15.4 229
32019 KHAN BROTHERS PP WOVEN BAG INDUSTRIES LTD. 6399 10854773 117226275.4 17 4.9 14.3 223
32020 NATIONAL FEED MILL LTD. 12045 27503902 543330799.5 44.1 7.5 39.4 233
32021 AMAN FEED LIMITED 3506 2453563 81605754 84 24.2 52.6 191
32022 YEAKIN POLYMER LIMITED 4442 6817715 84534749.7 17.1 8.7 13 212
32023 SK TRIMS & INDUSTRIES LIMITED 1567 4249616 255009226 75 39 42.4 90
32024 INDEX AGRO INDUSTRIES LTD. 16267 2337328 194596635.6 146.9 55.6 107.2 57
CORPORATE BOND
40001 IBBL MUDARABA PERPETUAL BOND 313 62853 61595657 1067 918 985.5 119
40004 APSCL NON-CONVERTIBLE BOND 1428 15665 81171095.5 5300 4510 5150 158
Corporate
Governance

45
 Corporate Governance
Corporate Governance Practices
Chittagong Stock Exchange Ltd. (CSE) is committed to high Standards of corporate governance, business integrity and
professionalism in all its activities. CSE’s corporate governance practices confirm to and have been compliant with all the
rules and regulations set by both CSE and BSEC throughout the year from July, 2020 to June, 2021.

Corporate Governance Practices

CSE
Management Committee

Managing Director Compliance

Internal Audit & Nomination & Appeals Conflict Regulatory

& Risk Remuneration Committee Mitigation Affairss
External Management Committee Committee Committee
CRO
Auditor Committee

Board of Directors

Share Holders Regulators

Self-Regulatory Organisation (SRO) Governance

This Corporate Governance Report is to be read in conjunction with the SRO Governance Report, which sets out CSE’s
46 corporate governance as a self-regulatory organization.

Code of Ethics and Conduct

CSE is committed to conducting its business in a way that is open and accountable to shareholders and the wider
marketplace. In CSE we believe our corporate governance practices as a public company are of high standard. The Code of
Ethics and Conduct applies to both directors and employees of CSE.
The objective of the Code is to ensure that:
a. High standard of corporate and individual behavior are observed by all CSE directors and employees in the context
of their employment and activities with CSE;
b. Directors and employees are aware of their responsibilities to CSE under their contract of employment; and
c. All person dealing with CSE whether it be directors, employees, Shareholders, suppliers, customers or competitors
can be guided by the stated values and policies of CSE.
Board Matters
The Board’s conduct of its Affairs
Principle Duties of the Board
The Board oversees CSE’s affairs and is accountable to shareholders for the management of CSE and its performance.
The principal duties of the Board include:
a. approving the appointment of the Managing Director (MD), directors, key management personnel and succession
planning process;
b. approving board policies, strategies and objectives of CSE;
c. approving annual budgets, major funding proposals, investment and divestment proposals;
d. approving the adequacy of internal controls, risk management, financial reporting and compliance;
e. approving the policy for managing and/or mitigating perceived or actual conflicts of interest between CSE’s
regulatory accountabilities and commercial interests;
f. considering the sustainability of CSE’s policies and proposals; and
g. responsibility for corporate governance.

Independent Judgment
All directors exercise due diligence and independent judgment and make decisions objectively in the best interest of CSE.

Delegation by the Board

Board committees, namely the Nomination and Remuneration Committee (NRC), Regulatory Affairs Committee (RAC), Audit
and Risk Management Committee (ARMC), Appeals Committee and Conflict Mitigation Committee, have been constituted to
assist the Board in the discharge of specific responsibilities. Clear written terms of reference (TOR) set out the duties,
authority and accountabilities of each committee as well as qualifications for committee membership, in line with CSE
Board and Administration Regulation, 2013, where applicable.

Key Features of Board Processes

The schedule of all Board and Board Committee meetings and the Annual General Meeting (AGM) for the calendar year is
planned well in advance, in consultation with the Board. The Board meets at least four times a year at regular intervals. The
Board and Board Committees may also make decisions by way of circulating resolutions. Besides the scheduled Board
meetings, the Board meets on an ad-hoc basis as warranted by particular circumstances.

In the interest of allocating more time for the Board to deliberate on issues of a strategic nature and to focus on particular
themes for each Board meeting, submissions which are straight forward in content as well as those that are for information
only, is compiled and circulated in between Board meetings.

Board Orientation and Training

The new director will receive a manual containing the role of directors (including directors’ responsibility), Board and CSE 47
policies relating to the disclosure of interests in securities, disclosure of conflicts of interest in transactions involving CSE,
prohibition on dealings in CSE’s securities and restrictions on the disclosure of price-sensitive information.
Newly appointed directors would be given a detailed and in-depth briefing and induction into CSE by the MD and senior
management. The directors would undergo the induction program, with presentations by senior management to introduce
them to every aspect of the CSE business.
The directors are provided with continuing briefings and updates in areas such as directors’ duties and responsibilities,
corporate governance, changes in financial reporting standards and issues which have a direct impact on financial
statements, so as to enable them to properly discharge their duties as Board or Board Committee members. The scope of
such continuous briefings and updates includes overview of industry trends and developments, governance practices and
developing trends, and changes in trends in governance practices and regulatory requirements pertaining to CSE’s business.
 Board Composition and Guidance
Board Independence
CSE Board and Administration Regulations, 2013 provides that an independent director is one who is independent from any
management and business relationship with CSE and independent from any substantial shareholder of CSE. Required
qualification and experience of an Independent Director is also stated in the Regulation. As per regulation there are 7
Independent Directors in CSE Board.

Board Composition
Composition of the Board and Board Committees are well enumerated in the Board and Administration Regulations, 2013.
Each year, the Board reviews the skills and core competencies of its members to ensure an appropriate balance and diversity
of skills and experience. Core competencies include banking, finance, accounting, business acumen, management
experience, exchange industry knowledge, familiarity with regulatory requirements and knowledge of risk management. The
directors are continually updated on company affairs by management. The Board considers that its directors possess the
necessary competencies and knowledge to lead and govern CSE effectively.
CSE Board Structure
Independent Directors - 7
Shareholder Directors - 5
(including 1 post reserved
for Strategic Investor)
Managing Director - 1
(with voting right)
-------
Total 13

Board Guidance
An effective and robust Board, whose members engage in open and constructive debate and challenge management on its
assumptions and proposals, is fundamental to good corporate governance. A Board should also aid in the development of
Strategic proposals and oversee effective implementation by management to achieve set objectives.
For this to happen, the Board, in particular Independent Directors, must be kept well informed of CSE’s businesses and be
knowledgeable about the exchange industry. To ensure that Independent Directors are well supported by accurate, complete
and timely information. Independent Directors also receive periodic information papers and board briefings on latest market
developments and trends, and key business initiatives. Board papers are provided to directors not less than a week in
advance of the meeting to afford the directors sufficient time to review the Board papers prior to the meeting. If a director
is unable to attend a Board or Board Committee meeting, the director may nevertheless provide his/her comments to the
Chairman or relevant Board Committee Chairman separately.

48 Chairman and Managing Director

Separation of the Role of Chairman and the Managing Director
The roles of Chairman and MD are separate to ensure a clear division of responsibilities, increased accountability and greater
capacity of the Board for independent decision-making. The Chairman is not related to the MD. The division of responsibilities
and functions between the two has been demarcated with the concurrence of the Board.
The Chairman manages the business of the Board and monitors the transaction of the Board’s decisions and wishes into
executive action. He approves the agendas for the Board meetings and ensures sufficient allocation of time for thorough
discussion of each agenda item. He promotes an open environment for debate, and ensures that directors are able to speak
freely and contribute effectively. He exercises control over the quality and quantity of the information as well as the
timeliness of the flow of information between the Board and management. In addition, he provides close oversight, guidance,
advice and leadership to the MD and management.
At the AGMs and other Shareholders’ meetings, the Chairman plays a pivotal role in fostering constructive dialogue between
shareholders, the Board and management.
The MD manages and develops the business of CSE and implements the Board decisions.
Board Meeting Attendance Report for the year ended 30 June, 2021
During the year from July, 2020 to June, 2021, total eight (8) Board meetings were held and the attendance of the Directors
at the meeting are as follows:
Fr o m 0 1 J uly , 20 20 t o 3 0 J une , 20 21
Sl. No. Name of Director Designation Attendance
01 Mr. Asif Ibrahim Chairman 8/8
02 Prof. S. M. Salamat Ullah Bhuiyan Director 8/8
03 Mr. Mohammad Abdul Malek Director 1/2
04 Mr. S. M. Abu Tayyab Director 7/8
05 Mr. Sohail Mohammed Shakoor Director 8/8
06 Mr. Md. Liaquat Hossain Chowdhury, FCA, FCMA Director 8/8
07 Barrister Anita Ghazi Islam Director 8/8
08 Mr. Syed Mohammed Tanvir Director 2/4
09 Mr. Mirza Salman Ispahani Director 2/2
10 Major (Retd.) Emdadul Islam Director 7/8
11 Mr. Shahjada Mahmud Chaudhuri Director 2/2
12 Mr. Md. Sayadur Rahman Director 7/8
13 Mr. Md. Siddiqur Rahman Director 6/6
14 Mr. Mohammed Mohiuddin, FCMA Director 6/6
15 Mr. Mamun-Ur-Rashid MD 7/8

Board Evaluation Policy

The Board has implemented a process from assessing the effectiveness of the Board as a whole and for assessing the
contribution by each individual director to the effectiveness of the Board.

Access to Information
Complete, Adequate and Timely Information
Management recognizes that the flow of complete, adequate and timely information on an on-going basis to the Board is
essential to the Board’s effective and efficient discharge of its duties. To allow directors sufficient time to prepare for the
meetings, all scheduled Board and Board Committee papers are distributed not less than a week in advance of the meeting
to directors. This enable the discussion during the meeting to focus on questions that directors may have. Any additional
material or information requested by the directors is promptly furnished.
Management’s proposals to the Board for approval provide background and explanatory information such as facts, resources
needed, risk analysis and mitigation strategies, financial impact, expected outcomes, conclusions and recommendations. 49
Any material variance between any projections and the actual results of budgets is disclosed and explained to the Board.
Employees; who can provide additional insight into matters to be discussed, will be present at the relevant time during the
Board and Board Committee meetings.

Company Secretary
Directors have separate and independent access to the Company Secretary. The Company Secretary is responsible for
among other things, ensuring that Board procedures are observed and that CSE’s Memorandum and the Articles, relevant
rules and regulations are complied with. The Company Secretary also assists the Chairman and the Board to implement and
strengthen corporate governance practices and processes, with a view to enhancing long-term shareholder value.
The Company Secretary assists the Chairman to ensure good information flows within the Board and its committees as well
as facilitating orientation and assisting with professional development as required. The Company Secretary is responsible
for training, designing and implementing a framework for management’s compliance, including advising management to
ensure that material information is disclosed on a prompt basis. The Company Secretary attends and prepares minutes for
all Board meetings. As secretary to all the other Board Committees, the Company Secretary assists to ensure coordination
 and liaison between the Board, the Board Committees and management. The Company Secretary assists the Chairman, the
Chairman of each Board Committee and management in the development of the agendas for the various Board and Board
committee meetings.

Internal Audit
Internal Audit
On an annual basis, the Internal Audit function prepares and executes a robust risk-based audit plan, which complements
that of the external auditor, so as to review the adequacy and effectiveness of the system of internal controls of CSE. These
include operational, financial, compliance and information technology controls. In addition, the external auditor will highlight
any material internal control weakness which have come to their attention in the course of their statutory audit. All audit
findings and recommendations made by the internal and external auditors are reported to the Audit and Risk Management
Committee. Significant issues are discussed at the meetings of the Committee. Internal Audit Unit follows up on all
recommendations by the internal and external auditors to ensure management has implemented them in a timely and
appropriate fashion and reports the results to the Audit and Risk Management Committee every quarter.

Line of Reporting and Activities

Internal Audit Unit is an independent function within CSE. The Head of Internal Audit reports directly to the Audit and Risk
Management Committee (ARMC) and administratively to the MD. The ARMC approves matters relating to the Internal Audit
Charter, risk assessment and related audit plans and results and follows up on internal audit activities. The ARMC
recommends the hiring, removal, evaluation and compensation of the Head of Internal Audit. The ARMC Chairman meets the
Head of Internal Audit on a regular basis, without the presence of management. Internal Audit Unit has unfettered access to
all of CSE’s documents, records, properties and personnel.

Shareholder Rights and Responsibilities

Shareholder Rights
CSE’s corporate governance practices promote the fair and equitable treatment of all shareholders. To facilitate
shareholders’ ownership rights, CSE ensures that all material information is disclosed on a comprehensive, accurate and
timely basis.
Shareholders are entitled to attend the general meetings of shareholders and are afforded the opportunity to participate
effectively in and vote at general meetings of Shareholders. Shareholders are informed of the rules, including the voting
procedures that govern the general meetings of Shareholders.

Communication with Shareholders

Disclosure of Information on a Timely Basis
CSE is committed to disclosing to its Shareholders as much relevant information as is possible, in a timely, fair and
transparent manner.

50 Corporate Website
CSE adopts transparent, accountable and effective communication practices as a key means to enhance standards of
corporate governance. We aim to provide clear and continuous disclosure of our Corporate Governance practices through
efficient use of technology. CSE’s website has much to offer its shareholders and other stakeholders.

Conduct of Shareholder Meetings

Shareholders are informed of Shareholders’ meetings through published notices and reports or circulars sent to all
shareholders. The general meetings of Shareholders procedures provide shareholders the opportunity to ask questions
relating to each resolution tabled for approval. Opportunities are given to Shareholders to participate, engage and openly
communicate their views on matters relating to CSE to the directors. Shareholders are given the opportunity to vote at the
general meetings of Shareholders. The Chairman of the Audit and Risk Management Committee, external auditor and
management are also present to address Shareholders’ queries.
CSE provides for separate resolutions at general meetings on each distinct issue. All the resolutions at the general meetings
are single item resolutions. Detailed information on each item in the AGM agenda is in the explanatory notes to the AGM
Notice in the Annual Report.
The Company Secretary prepares minutes of Shareholders’ meetings which captures the essence of the comments and
queries from Shareholders and responses to them from the Board and management.

Other Codes
Code of Confidentiality
CSE deals with confidential information on a daily basis. Protecting the confidentiality of information is of paramount
importance to creating and maintaining a trusted market place. CSE has a Code of Confidentiality which provides clear
guidance to its staff on the proper management, use and disclosure of the different types of confidential information.

Code of Conduct & Ethics for Employees

CSE has a Code of Conduct & Ethics for Employees (Code of Conduct & Ethics) that sets the standards and ethical conduct
expected of employees. The Code of Conduct & Ethics covers all aspects of the business operations of CSE such as confidentiality
of information, related party transactions, gifts, gratuities or bribes and dishonest conduct. Employees are required to observe and
maintain high standards of integrity, as well as compliance with laws and regulations and company policies.

Self-Regulatory Organisation Governance Report

Regulatory Obligations
CSE is a self-regulatory organization that has a dual role as a commercial for – profit entity and as a regulator of market
participants, including listed companies and TREC holders. We employ robust systems and high standards to address
conflicts between our responsibilities to shareholders and our regulatory responsibilities.

CSE’s regulatory activities focus on:

Operating a Admitting high Providing safe and Supporting
1 fair, orderly and 2 quality members 3 efficient clearing and
4 the continuous
transparent market and issuers settlement facilities development of the
financial market

In order to achieve our objectives, we have stringent rules in place. We apply strict admission criteria for our TREC holders
and issuers to assure their quality and safe guard the integrity of the markets and clearing houses. Issuers must ensure the
timely, accurate and adequate disclosure of material information. We also impose prudent financial requirements on our
TREC holders and have robust default management processes. To ensure compliance with the rules, we conduct
comprehensive supervision and surveillance, taking enforcement action when necessary. We continually benchmark
ourselves against developed jurisdictions and established international standards to improve our systems and processes.
51
Managing Self-Regulatory Organisation (SRO) conflicts
The Bangladesh Securities and Exchange Commission (BSEC) regulates us in the discharge of our regulatory functions and
our management of regulatory conflicts. We have a strong governance framework in place to manage any perceived or actual
conflicts. The Regulatory Affairs Committee (RAC) assists the CSE Board with the management of SRO conflicts.

The RAC decides on conflict cases, as needed, and reviews the regulatory implications of our strategic initiatives. The RAC
also ensures the adequacy of resources allocated to the regulatory function and oversees the processes for identifying and
managing regulatory conflicts. The RAC reports to the BSEC.

Engaging the Investing Public

We continue to reach out to stakeholders and be more transparent about the discharge of our regulatory functions. We began
to highlight regulatory content via social media.
 BOARD
COMMITTEES

52
BOARD COMMITTEES
For better, quicker and furnished flow of information and thereby exercising effective governance, the
Board has constituted Five (5) Committees and has delegated certain responsibilities to the Board
Committees to assist in the discharge of its responsibilities. The role of Board Committees is to advise
and make recommendations to the Board. Each Committee operates in accordance with the Terms and
Reference (TOR) approved by the Board. The Board reviews the TOR of the Committees from time to time.
The Board appoints the members and the Chairman of each Committee.

53
 Audit and Risk Management Committee
Report for the year ended 30 June, 2021

Purpose of Audit and Risk Management Committee

The Audit and Risk Management Committee is formed to assist the Board in discharging its supervisory
responsibilities with respect to internal control, financial reporting, risk management, auditing matters and
CSE’s processes of monitoring compliance with applicable legal & regulatory requirements and the Codes
of Conduct. The Audit and Risk Management Committee’s TOR, as approved by the Board, defines the
purpose, authority, composition, meetings, duties and responsibilities of the Audit and Risk Management
Committee.

Composition
The Audit and Risk Management Committee is comprised of five (5) members of the Board. The Chairman
and two members of the committee are from independent Director. The jurisdiction of the committee is
limited to CSE operations and business.

Reconstitution of the Committee

On 02 December, 2020 the Committee has been reconstituted in line with the CSE Board and Administration
Regulations, 2013 due to change in the members of the Board.

Meeting Attendance
The Audit and Risk Management Committee met four times during the year from 01 July, 2020 to 30 June,
2021 and attendance of the Committee members in the meeting was as follows:

F r o m 0 1 Ju l y , 2 01 9 t o 0 1 D e c e m be r , 2 0 2 0
Name Designation Attendance
Mr. Mohammad Abdul Malek Chairman 1/1
Prof. S. M. Salamat Ullah Bhuiyan Member 1/1
Mr. Md. Liaquat Hossain Chowdhury, FCA, FCMA Member 1/1
Major (Retd.) Emdadul Islam Member 1/1
Mr. Mamun-Ur-Rashid, Managing Director Member 1/1

F r o m 0 2 D e c em b e r , 2 0 2 0 t o 3 0 J u n e , 2 0 2 1
Name Designation Attendance
Mr. Md. Liaquat Hossain Chowdhury, FCA, FCMA Chairman 3/3
54 Prof. S. M. Salamat Ullah Bhuiyan Member 3/3
Mr. S. M. Abu Tayyab Member 3/3
Mr. Mohammed Mohiuddin, FCMA Member 3/3
Mr. Mamun-Ur-Rashid, Managing Director Member 3/3

Company Secretary attended all the meetings and discharged all the secretarial functions of the
Committee. Head of Finance and Internal Auditors of Chittagong Stock Exchange Limited also attended all
the meetings upon invitation by the Audit and Risk Management Committee. Other senior members of the
management also attended the meetings as invited by the Committee time to time.

Summary of Activities during the year from 01 July, 2020 to 30 June, 2021
During the year Audit and Risk Management Committee reviewed its terms of reference in line with the
requirements of CSE Board and Administration Regulations, 2013. The Committee carried out its duties in
accordance with the terms of reference of the Audit and Risk Management Committee.
During the year, the Committee carried out the following activities:

1. Financial reporting
Reviewed the quarterly and periodic financial statements of CSE with the Head of Finance and
Managing Director, focusing particularly on significant changes to accounting policies and practices,
adjustments arising from the audits, compliance with accounting standards and other legal
requirements before recommending them to the Board for approval.
2. Internal control and Business Risk Management
a. Reviewed CSE’s Business Risk Management Framework and assess and evaluate the existing
internal control system.
b. Reviewed the status, learning and enhancements of the identified Business Plans.
c. Reviewed and recommended to improve the Company’s internal control systems derived from the
findings of the internal and external auditors.

3. Internal audit
a. Reviewed internal audit plan as to its consistency with the CSE’s business risk management
framework used and adequacy of coverage.
b. Reviewed the internal audit reports and corresponding actions to improve controls as agreed by
management.
c. Reviewed status reports of internal audit to ensure that appropriate actions had been taken to
implement the audit recommendations.

4. External audit
a. Reviewed with the external auditors, the Company’s Statement of Internal Control before
recommending the same for inclusion in the Company’s Annual Report.
b. Reviewed with the external auditors, the Company’s annual financial statements, focusing on
findings arising from audits particularly the comments and responses in management letter.
c. Reviewed the external auditors’ audit plan including its nature and scope, audit report, evaluation on
internal controls and coordination with the external auditors.
d. Recommend appointment of independent external auditor for the year 2020-2021.

5. Budget
a. Reviewed the periodic as well as annual budget prepared for the period and recommended to the
Board for necessary approval.
b. Reviewed the budget variance statements on quarterly basis to ensure budgetary control and
recommend the revision.
55
6. Others
a. Recommend appointment of Tax consultant for the assessment year 2021-2022.
b. Reviewed propose “Write-off and Disposal Procedure and Policy”.
c. Reviewed alternative proposal for investment.

Md. Liaquat Hossain Chowdhury, FCA, FCMA Rajib Saha, FCS

Chairman Secretary
Audit and Risk Management Committee Audit and Risk Management Committee
 Nomination and Remuneration Committee
Report for the year ended 30 June, 2021

Purpose of Nomination and Remuneration Committee

The Nomination and Remuneration Committee is to support the Board in discharging its supervisory
responsibilities with respect to Company’s Human Resources policy, including employees’ performance,
motivation, retention, succession matters, rewards and codes of conduct. The Nomination and
Remuneration Committee also reviews and recommends to the Board for approval, matters concerning
selection, remuneration for the Board Members, Managing Director, CRO and senior management.

Composition
The Nomination and Remuneration Committee is established as a committee of the Board. The
Committee is comprised of five members of the Board. The Chairman and two members of the
Committee are from independent Director.

Reconstitution of the Committee

On 02 December, 2020 the Committee has been reconstituted in line with the CSE Board and
Administration Regulations, 2013 due to change in the members of the Board.

Meeting Attendance
The Nomination and Remuneration Committee met four times during the year from 01 July, 2020 to 30
June, 2021 and attendance of the Committee members in the meetings were as follows:
F r o m 0 1 Ju l y , 2 0 2 0 t o 0 1 D e c e m b e r , 2 0 2 0
Name Designation Attendance
Barrister Anita Ghazi Islam Chairman 1/1
Mr. Mohammad Abdul Malek Member 1/1
Prof. S. M. Salamat Ullah Bhuiyan Member 1/1
Mr. Mirza Salman Ispahani Member 1/1
Mr. Mamun-Ur-Rashid, Managing Director Member 1/1

F r o m 0 2 D ecember , 2 0 2 0 t o 3 0 J u n e , 2 0 2 1
Name Designation Attendance
Mr. S. M. Abu Tayyab Chairman 2/3
Prof. S. M. Salamat Ullah Bhuiyan Member 3/3
56
Barrister Anita Ghazi Islam Member 3/3
Major (Retd.) Emdadul Islam Member 3/3
Mr. Mamun-Ur-Rashid, Managing Director Member 3/3

Company Secretary attended all the meetings and discharged all the secretarial functions of the
Committee. Head of Human Resource also attended meetings upon invitation by the Committee. Other
senior members of the management also attended the meetings as invited by the Committee time to
time.

Summary of Activities during the year from 01 July, 2020 to 30 June, 2021
During the year Nomination and Remuneration Committee reviewed its terms of reference in line with the
requirements of CSE Board and Administration Regulations, 2013. The Committee carried out its duties
in accordance with the terms of reference as detailed in the aforementioned Regulations.
During the year, the Committee carried out the following activities:

a. Reviewed the remuneration and other facilities of the Directors on account of attending various
committee meeting and placed recommendations to the Board.

b. Reviewed the Human Resource Management policies, including compensation and appraisal
policies of CSE.

c. Successfully processed the appointment of Chief Regulatory Officer (CRO) by following

appropriate procedures.

d. Successfully processed the appointment of Independent Director in line with the CSE Board and
Administration Regulations, 2013.

S. M. Abu Tayyab Rajib Saha, FCS

Chairman Company Secretary
Nomination and Remuneration Committee Nomination and Remuneration Committee

57
 Regulatory Affairs Committee
Report for the year ended 30 June, 2021

Purpose of Regulatory Affairs Committee

The Regulatory Affairs Committee is formed to act as the vehicle for separation of business and regulatory
activities of the Exchange. Regulatory Affairs Committee ensures that the Regulatory Affairs Division
functions effectively and take measures necessary to create and maintain an effective regulatory
environment to improve investor confidence and market integrity.

Composition
The Regulatory Affairs Committee comprises of three members and all of them are Independent Director as
required by the Regulations. Chairman of the Regulatory Affairs Committee is not a member of other
Committees in anyway. Managing Director of CSE does not hold any seat in this Committee. While the Chief
Regulatory Officer (CRO) is the ex-officio member of RAC without voting right.

Appointment of Chief Regulatory Officer (CRO)

Upon expiry of three years’ tenure, the Board in its meeting held on 03 September, 2020 recommended Mr.
Mohammad Shamsur Rahman, FCMA to reappoint as Chief Regulatory Officer (CRO) of CSE for another term
of three years. Accordingly, Bangladesh Securities and Exchange Commission (BSEC) accorded approval for
the appointment on 04 October, 2010.

Meeting Attendance
The Regulatory Affairs Committee met four times during the year from 01 July, 2020 to 30 June, 2021 and
attendance of the Committee members in the meeting was as follows:

From 01 July, 2020 to 30 June, 2021

Name Designation Attendance
Mr. Sohail Mohammed Shakoor Chairman 4/4
Mr. S. M. Abu Tayyab Member 4/4
Barrister Anita Ghazi Islam Member 4/4
Mr. Mohammad Shamsur Rahman, FCMA - CRO Member 4/4

Company Secretary attended all the meetings and discharged all the secretarial functions of the
58 Committee. Departmental heads under Regulatory Affairs Division also attended the meetings upon
invitation by the Regulatory Affairs Committee. Other senior members of the management also attended the
meetings as invited by the Committee time to time.

Summary of Activities during the year from 01 July, 2020 to 30 June, 2021
During the period Regulatory Affairs Committee reviewed its terms of reference in line with the
requirements of CSE Board and Administration Regulations, 2013. The Committee carried out its duties in
accordance with the terms of reference of the Regulatory Affairs Committee.

During the year, the Committee carried out the following activities:
a. Reviewed overall regulatory plans prepared by the Regulatory Affairs Division (RAD) and roles and
responsibilities of each department of RAD.
b. Reviewed adequacy and effectiveness of the exchange’s regulatory plan and approved annual plans
along with the targets for the RAD.
c. Reviewed the annual report of the RAD on the activities, conclusions and recommendations of the
last year.

d. Reviewed and recommend required budget and staff allocation for the Regulatory Affairs Division.

e. Reviewed potential conflicts of interest between commercial and regulatory functions and informed
the Board regularly.

f. Recommended regulations, policies, guidelines in pursuant of CSE Board and Administration

Regulations, 2013.

g. Recommended regulatory amendments in pursuant of CSE Board and Administration Regulations,

2013.

h. Recommended regulatory actions against TREC holders for violating provisions of laws, rules and
regulations to protect the interest of general investors.

i. Various actions taken to mitigate claim of investors against TREC holders.

Sohail Mohammed Shakoor Rajib Saha, FCS

Chairman Secretary
Regulatory Affairs Committee Regulatory Affairs Committee

59
 Conflict Mitigation Committee
Report for the year ended 30 June, 2021

Purpose of Conflict Mitigation Committee

The Conflict Mitigation Committee is formed to satisfy the Board that any perceived or actual conflict of
interest between the Exchange’s regulatory responsibilities and commercial interest is addressed. The
Committee supervise and monitor disclosures made by the Directors of the Exchange in discharge of
their obligation under the Code of Conduct and Ethics. The Committee also review and report to the Board
the regulatory implications and reputational risks of strategic initiatives requiring Board approval.
Composition
The Conflict Mitigation Committee is established as a Committee of the Board and comprised of five (5)
members of the Board. The Chairman and two members of the committee are from independent Director.
Reconstitution of the Committee
On 02 December, 2020 the Committee has been reconstituted in line with the CSE Board and
Administration Regulations, 2013 due to change in the members of the Board.
Meeting Attendance
The Conflict Mitigation Committee met four times during the year from 01 July, 2020 to 30 June, 2021
and attendance of the Committee members in the meeting was as follows:
From 01 July, 2020 to 01 December, 2020 From 02 December, 2020 to 30 June, 2021
Name Designation Attendance Name Designation Attendance
Mr. Md. Liaquat Hossain Chowdhury, FCA, FCMA Chairman 1/1 Prof. S. M. Salamat Ullah Bhuiyan Chairman 3/3
Mr. S. M. Abu Tayyab Member 1/1 Barrister Anita Ghazi Islam Member 3/3
Mr. Mohammad Abdul Malek Member 1/1 Mr. Md. Liaquat Hossain Chowdhury, FCA, FCMA Member 3/3
Mr. Shahjada Mahmud Chaudhuri Member 1/1 Mr. Md. Siddiqur Rahman Member 3/3
Mr. Mamun-Ur-Rashid, Managing Director Member 1/2 Mr. Mamun-Ur-Rashid, Managing Director Member 3/3

Company Secretary attended all the meetings and discharged all the secretarial functions of the
Committee. Other senior members of the management also attended the meetings as invited by the
Committee time to time.
Summary of Activities during the year from 01 July, 2020 to 30 June, 2021
During the year Conflict Mitigation Committee reviewed its terms of reference in line with the
requirements of CSE Board and Administration Regulations, 2013. The Committee carried out its duties
in accordance with the terms of reference of the Conflict Mitigation Committee.
60 During the year, the Committee carried out the following activities:
a.Reviewed the Code of Conduct and Ethics as set out for Directors in different rules and regulations.
b.Reviewed disclosures made by the Directors of the Exchange in discharge of their obligation under the
Code of Conduct and Ethics.
c.Reviewed Regulations and identified probable conflicting areas in management of CSE.

Prof. S. M. Salamat Ullah Bhuiyan Rajib Saha, FCS

Chairman Secretary
Conflict Mitigation Committee Conflict Mitigation Committee
Appeals Committee
Report for the year ended 30 June, 2021

Purpose of Appeals Committee

The Appeals Committee have the authority to decide on any appeal against decisions to take disciplinary
action against officers/employees of the Exchange. Appeals Committee also review the operations of the
“Disciplinary Procedures” on a continuous basis and propose improvement/inclusions as the committee
considers necessary to the Board and ensure that the Exchange’s disciplinary rules are appropriate to
handle the disciplinary issues.

Composition
The Appeals Committee is established as a Committee of the Board and comprised of five (5) members
of the Board. The Chairman and three members of the committee are from independent Director.

Reconstitution of the Committee

On 02 December, 2020 the Committee has been reconstituted in line with the CSE Board and
Administration Regulations, 2013 due to change in the members of the Board.

Meeting Attendance
The Appeals Committee met four times during the year from 01 July, 2020 to 30 June, 2021 and
attendance of the Committee members in the meeting was as follows:
F r o m 0 1 Ju l y , 2 0 2 0 t o 0 1 D e c em b er , 2 0 2 0 F r o m 0 2 De c e mb e r , 2 0 2 0 t o 3 0 J u n e , 2 0 2 1
Name Designation Attendance Name Designation Attendance
Mr. S. M. Abu Tayyab Chairman 1/1 Barrister Anita Ghazi Islam Chairman 3/3
Mr. Mohammad Abdul Malek Member 1/1 Prof. S. M. Salamat Ullah Bhuiyan Member 3/3
Prof. S. M. Salamat Ullah Bhuiyan Member 1/1 Mr. Md. Liaquat Hossain Chowdhury, FCA, FCMA Member 3/3
Barrister Anita Ghazi Islam Member 1/1 Mr. S. M. Abu Tayyab Member 1/3
Mr. Md. Sayadur Rahman Member 1/1 Mr. Md. Sayadur Rahman Member 3/3

Company Secretary attended all the meetings and discharged all the secretarial functions of the
Committee. Other senior members of the management also attended the meetings as invited by the
Committee time to time.

Summary of Activities during the year from 01 July, 2020 to 30 June, 2021
During the year Appeals Committee reviewed its terms of reference in line with the requirements of CSE
Board and Administration Regulations, 2013. The Committee carried out its duties in accordance with
the terms of reference of the Appeals Committee. 61
During the year, the Committee carried out the following activities:
a. Reviewed the adequacy of existing rules as set out in the HR manual and other manual on
Disciplinary issues.
b. Inquired whether any disciplinary issues pending with the HR Department or any actions taken on
disciplinary issues.
c. During the year the Committee did not receive any appeals from employees.

Barrister Anita Ghazi Islam Rajib Saha, FCS

Chairman Secretary
Appeals Committee Appeals Committee
Bangladesh Institute of Tropical and Sylhet MAG Osmani
Infectious Diseases Medical College Hospital

Chattogram Medical College Hospital and Chattogram Diabetic General Hospital

CSE congrats Walton Hi-Tech Industries Ltd.

63
 CSE Provides Dialysis Machine to Chattogram Kidney Foundation

CSE Board meets BSEC Chairman

64
Celebrating 100th Birthday of the Father of
the Nation: Investor’s Education Training Program

65
 The 25th AGM of CSE held

CSE Management and Staff contributes to Prime Minister's Fund

66
Meeting with Roots Investment Limited and Infrastructure
Investment Facilitation Company

CSE’s Post Budget (2021-2022) Press Conference

67
 Inaugurating CSE Office at Nikunjo, Dhaka

CSE SME Platform:

Debut Trading and Ring the Bell Ceremony of Nialco Alloys Ltd.

68
Regulatory
Affairs Regulatory Affairs Division
Division

69
 Regulatory Affairs Division
Introduction
In pursuance of CSE’s Demutualization Scheme and Chittagong Stock Exchange (Board and Administration)
Regulations, 2013 CSE formed an independent Regulatory Affairs Division upon becoming demutualized. The
Regulatory Affairs Division (RAD) headed by Chief Regulatory Officer (CRO) is reportable to the Regulatory Affairs
Committee (RAC) with an administrative reporting to the Managing Director. The RAC acts as a vehicle for
separation of regulatory functions of the bourse from the commercial functions.

CSE’s Self Regulatory Organization (SRO) model through creation of independent RAD provides an effective solution
towards managing perceived conflict of interest. The Regulatory Affairs Division (RAD) completed another year full
of events and actions in pursuance of its annual plan. Under the supervision and guidance of Regulatory Affairs
Committee (RAC), the RAD led by the Chief Regulatory Officer (CRO) performed various regulatory functions
throughout the year.

Legal Requirement
While the RAD duly performed the regulatory functions of the SRO with utmost sincerity, efficiency and dedication
and the RAC provided necessary guidance and support as and when it required, the RAC is also required by the
Chittagong Stock Exchange (Board and Administration) Regulations, 2013 to prepare an annual report of the RAD
on the activities, conclusions, recommendations of the year with special focus on the identification and mitigation
of conflicts of interest, identify targets for the next year along with any other matters, for the Board of CSE and
Bangladesh Securities Exchange Commission (BSEC). The functions of RAD can be outlined under the following
broad heads:
- TREC Holder Affairs
- Listing and Company Affairs
- Monitoring and Surveillance of the Market
- Inspection and Enforcement
- Investors Complaints, Arbitration and Litigation
- Creating awareness among market participants through seminars, newsletters, workshops

All these functions are very crucial for stock exchange industry to successfully play the SRO role.

Activity of RAD for the year ended 30 June 2021

70
TREC Holder Affairs
TREC Holder Affairs department of CSE has been entrusted with the responsibility of setting minimum admission
standards and eligibility criteria for TREC Holders, formulating rules and regulations relating to proprietary and client
level trading, creating awareness about the code of conduct amongst TREC Holders, processing approvals/NOCs for
changes in majority shareholding of brokerage houses, formulate comprehensive guidelines for TREC Holders to
meet all obligations to investors in conformity with applicable laws, develop detailed system for TREC Holders to
keep proper records of all transactions and monitoring compliance of all the requirements in accordance with the
securities laws and recommend enforcement actions in case of non-compliance.

During the year, following functions have been performed by TREC Holder Affairs Department:
- As per Risk Based Capital Adequacy Rule, 2019 TREC Holders Affairs Department prepared an online
reporting framework with the collaboration of ITS department. TREC Holders of CSE shall be able to submit
quarterly report through this online module to comply this Rules;
 - During the year, the department arranged mandatory AR training program jointly with Bangladesh Securities
and Exchange Commission where 31 (thirty one) AR from different TREC Holder attended the training;
- After successfully completion of the training program, a total number of 25 (twenty five) received
Authorized Representative license from BSEC while 6 (six) applications are in process;
- As a result of continuous persuasion, a CSE TREC Holder obtained Dealer Registration Certificate from
BSEC and started trading operation accordingly;
- Total 218 nos. of Stock Broker/Stock Dealer registration Certificates of CSE TREC Holders were renewed
by the Commission during the year;
- During the year, 4 (four) nos. of TREC Holders got connectivity for trading operation while 3 (three) nos. of
TREC Holders started branch operations at the different locations of the country;
- As per Directive no. SEC/CMRRCD/2009-193/16/Admin/113 dated 13 December, 2020 in the interest of
investors and development of the securities market BSEC permitted to open Digital Booth by the stock
brokers. In consequence of this permission 5 (five) nos. of CSE TREC Holders opened Digital Booths in the
different locations of the country;
- TREC Holders Affairs Department also arranged presentations on Risk Based Capital Adequacy Rules, 2019
and on the opening digital booth for the TREC Holders for online reporting purpose;
- Total 38 (thirty eight) nos. of various type of reports including monthly submitted to BSEC during the year;

Listing and Company Affairs

Listing and Company Affairs Department deals with admission of new securities in CSE at its main board, sets
listing standards and put efforts to upgrade the standards, monitors and ensures compliances by the companies
pre and post listing as laid down in the respective rules and regulations.

Pre-listing activities
The RAD reviewed prospectus of 20 (twenty) companies including Main Market-9, Small Cap-6 and Bond-5 during
the year and put forward its recommendations to appropriate authority.

During the year, 15 (fifteen) new issues in normal market and 1 (one) small capital company have been listed on
CSE with a total paid up capital of Tk. 73,180.08 million (nearest million taka). Details of the new listings are given
in the following table:
Issue Size Date of Listing
Sl. No. Issue Name
(in million Tk.)
01 Express Insurance Ltd. 651.97 20-Aug-20
02 Walton Hi-Tech Industries Ltd. 3,029.28 14-Sep-20
03 Associated Oxygen Ltd. 950.00 15-Oct-20 71
04 Dominage Steel Building Systems Ltd. 950.00 23-Nov-20
05 Crystal Insurance Company Ltd. 400.00 13-Dec-20
06 Robi Axiata Ltd. 52,379.33 17-Dec-20
07 Energypac Power Generation Ltd. 1,901.63 06-Jan-21
08 Mir Akhter Hossain Ltd. 1,207.72 27-Jan-21
09 Taufika Foods and Lovello Ice-cream 850.00 01-Feb-21
10 e-Generation Limited 750.00 15-Feb-21
11 Lub-rref (Bangladesh) Ltd. 1,452.43 28-Feb-21
12 NRBC Commercial Bank Ltd. 7,025.17 09-Mar-21
13 Desh General Insurance Company Ltd. 400.00 16-Mar-21
14 Index Agro Industries Ltd. 472.54 28-Mar-21
15 Sonali Life Insurance Company Ltd. 475.00 27-Jun-21
16 Nialco Alloys Ltd. 285.00 25-May-21
Total 73,180.07
 Pre-trade Debut Session of the Issuer
To ensure post listing continuous compliance by the listed companies and serve the interest of
investors/shareholders, RAD regularly arranged the pre-trade Debut Session of the Management with issuer
companies. During the year RAD arranged 16 (sixteen) such program at its Chattogram and Dhaka office.
Workshop on Electronic Subscription System (ESS)
CSE and DSE jointly organized a workshop on Electronic Subscription System (ESS) for the TREC Holders. The
workshop was conducted by CSE’s Chief Regulatory Officer.
Continuous listing obligations
CSE closely monitors continuous listing obligations of listed companies. CSE helps the listed companies in
discharging their obligations to the investors by providing them guidance in various regulatory compliances.
During this year, following actions have been taken against the listed companies regarding various non
compliances:
Non-compliance of Chittagong Stock Exchange (Listing) Regulations, 2015:
Regulation Ref. Non-compliance Companies Concerned
Regulation 16(1) Regarding in advance notification for holding 1
of meeting for consideration/adoption of
quarterly financial statements
Regulation 17(1) Regarding failed to submit of Q1 48
Regulation 17(2) Regarding failed to submit of Q2 43
Regulation 17(3) Regarding failed to submit of Q3 46
Regulation 18(1) Regarding failed to submit of Annual 36
Financial Accounts
Regulation 19(1) Regarding in advance notification for holding 2
of meeting for consideration/adoption of
annual financial statements
Regulation 19(2) Regarding the date fixation of Annual 1
General Meeting
Regulation 23 Regarding any intention to fix a book-closure 2
period or record date
Regulation 24(2) Regarding Non-compliance of holding of 1
annual general meeting
Regulation 29 Regarding failure to submit dividend 4
compliance report
Regulation 38 Regarding submission of material 1
information timely
Other non-compliances:
BSEC’s Notification no. Following contents are applicable for a 8
BSEC/CMRRCD/2009- listed company in case of declaration of
193/222/Admin/91 dated May 23, 2019 bonus shares

Corporate Finance Department

Routine Activities
To protect investors’ interest by ensuring fairness and transparency in the financial reports of the listed companies,
CSE’s Corporate Finance Department (CFD) performs following functions on regular basis:
72
o Review of Annual Reports and Annual Financial Statements of listed companies by professional
accountants
o Review of Quarterly/Half yearly Financial Statements of listed companies and quarterly portfolio
statements of listed mutual funds
o Review of compliance of Corporate Governance Guidelines (CGG) and other requirements of the Companies Act
o Monitoring the posting of Financial Statements in the respective website of the securities
o Monitoring the utilization of Proceeds from IPO/RPO/RI by listed companies
o Inspection of the affairs of any listed securities as per Regulation 54 of CSE (Listing) Regulations 2015.

During the period, CSE reviewed

o 70 (seventy) annual reports including Audited Financial Statements, Corporate Governance Guidelines, and
 also the compliance regarding Companies Act, 1994 and other related laws/rules/regulation/notification
prevailed in force for the listed securities.
o 456 (four hundred and fifty six) quarterly and half-yearly Un-audited Financial Statements of the listed
securities.
o In each month, average 18 (eighteen) Fund Utilization Report of the listed companies whose proceeds from
IPO/RI/RPO are not fully utilized during the year.

Inspection of Listed Companies

In pursuance to the regulations 54(1) of the Chittagong Stock Exchange (Listing) Regulations, 2015, we have
conducted inspection on 04 (four) companies namely (i) Familytex (BD) Ltd., (ii) Shurwid Industries Ltd., (iii)
Western Marine Shipyard Ltd. and (iv) Kattali Textile Ltd. against BSEC letter No. SEC/SRMIC/2016/240/41 dated
18 August, 2020 and BSEC letter No. BSEC/SRMIC/95-276/Part-3/105 dated 22 April, 2021 and submitted the
inspection reports to the Commission (BSEC) within the stipulated time.
Ensuring Transparency and accountability
To ensure the transparency and accountability by the listed companies, CSE obtains explanation from the
respective listed companies on the findings/observations about the report/ Financial Statements from time to time
which has significantly contributed in enhancing the quality Financial Statements of the companies and also in
ensuring transparency of the statements.
CSE regularly submits monthly report to the Bangladesh Securities and Exchange Commission on the
anomalies/non-compliances that has been observed upon review of financial statements, annual reports, compliance
report on corporate governance of listed companies and quarterly portfolio statements of listed mutual funds.
Significant improvement in Investors’ Relation
CSE also takes measures like drawing attention of companies on posting of financial statements in their respective
websites in case exception is noted. Due to CSE’s continuous follow up and reporting to BSEC, almost all of the
listed companies have already become regular in posting of financial reports in the website.

Enforcement Actions
CSE has also been able to ensure strong enforcement actions in case of financial statement frauds/violations by
listed securities with the help of BSEC. It also calls explanations from respective auditors of the companies in some
cases wherever necessary. Such actions have significant impact in bringing market discipline and protecting rights
and interests of the investors.

Monitoring and Surveillance of the Market

Monitoring of listed Companies
During the year, CSE raised queries to 06 (six) no. of listed companies for unusual trend of transactions in terms of 73
price and volume and responses of the respective companies were duly disseminated to the market.
Moreover, in respect of monitoring spreading of rumor or unauthenticated information in social and other media
which may have any influence on price/volume of listed securities, Surveillance Department of CSE raised queries
of 14 (Fourteen) of listed companies.

Monitoring of TREC Holders

Based on the trading activities during the year CSE Surveillance department raised 135 (One hundred and thirty
five) number of queries to the different TREC Holders for investigating trading irregularities and
violations/contraventions of securities laws, unusual/suspicious trading activities at high/low prices etc. Among
these queries, 131 (one hundred and thirty one) queries were raised for suspected violations of section 17 (e) (iii)
of The Securities and Exchange Ordinance 1969. In reply of those queries, the TREC Holders said these trades were
executed wrongly/mistakenly/unintentionally/inadvertently. They also apologized for such errors, requested for
consideration and assured not to repeat such activity in future.
 The other 4 (four) suspicious/unusual trading cases out of 135 were investigated and in 3 (three) out of these 4
(four) cases were found to be genuine violation of securities laws, one case was found to be in compliance.
Above activities were regularly reported throughout the year to BSEC in CSE’s weekly surveillance reports, monthly
surveillance reports and RAD monthly reports.
The department uploaded 16 (sixteen) number of listed companies in the Surveillance Modules and also solved 3
(three) number of problems related to Surveillance Modules. It also disseminated trading related media reports daily
and weekly basis to different electronic and print medias.
Other than above activities during the year CSE Surveillance Department also prepared different kinds of regulatory
compliance reports and trading information related reports including trading related monthly information,
information for quarterly review and sent those to BSEC.
Moreover, pursuant to BSEC’s order, the department appointed an official for market intelligence to protect
investors’ interest by identifying fraudulent activities of the TREC holder companies, if any.

Market Operations
The Market Operations (MOPs) Department mainly ensures daily trading arrangements (Instrument, TREC Holders’
terminal etc.) and disseminates corporate disclosures as well as compliance issues to the market. MOPs
Department takes necessary actions for trading related non-compliances. During the year, it conducted Auction
Trades on 08 (eight) occasions for default of TREC Holders in depositing securities. During the period, MOPs
inserted 01 (one) Dealer work station and 31 (thirty one) additional work stations in the system for 16 (sixteen)
TREC Holders.
Moreover, the department created a platform for small capital companies named “CSE Small Capital Platform” and
launched on 10 June, 2021 with the start of the first approved SME company Nialco Alloys Limited.

Index
CSE reviewed once its CSE30, CSCX, CASPI and Sectoral Indices during July 2020 to June 2021 with effect from
November 01, 2020. CSE also reviewed twice its CSE50 (Benchmark Index) with effect from September 20, 2020
& March 21, 2021 respectively and once CSI (CSE Shariah Index) with effect from December 30, 2020. The Index
Advisory Committee, a designated committee of CSE headed by its Managing Director, approved review of the
indices according to the standards/ methodologies and maintained oversight on the maintenance thereof with the
help of the index provider.

Inspection and Enforcement

The core objective of Inspection and Enforcement Department is to set up a monitoring system and supervising the
market activities/ business conduct of the stakeholders, market intermediaries, investors & listed company to
ensure a fair, efficient and transparent market. The priorities of the department are:
74  To create and secure a fair and orderly trading environment through effective monitoring and supervision
 To ensure protection of investors’ interest
 To maintain effective working relationship with the TREC Holders
 To promote investors’ education and providing training for market intermediaries with updated rules
regulations of the securities market.

The COVID-19 crisis has accelerated operational changes and stronger collaboration between the regulators and
the TREC Holders that are key to a capital market success. For more than a year, the COVID-19 pandemic has
disrupted and challenged organizations, lives, and livelihoods across the globe. During the pandemic’s early days,
CSE Inspection and Enforcement team faced operational challenges as the brokerage houses had few established
procedures in place to guide them during the crisis. Among others the most common challenges were lack of
in-person interactions, difficulty with remote-working tools & lack of automation, scarcity of relevant capabilities
& logistic supports within the management of the TREC Holders and absence of crisis management processes &
challenges to adapting the brokerage house operation in crisis environment.
While overall corporate performance has suffered during this time, Inspection & Enforcement department was quick
to rise to the challenge of navigating the crisis and operated by improving its overall effectiveness that has
triggered new and improved ways of more seamless relationship among the regulator and intermediaries, and
working processes that may outlast the pandemic, as it is not fully clear. The actions of the team were in pursuit
of profound change and though the overall operation system was grounded but it acted above the fray.
This time the team doubled down on strategy, focused on corporate resilience, and committed more time to
operational challenges (risk-based supervision and utilization of early warning systems to minimize the risk of
failure) and had a positive framing of the situation. However, a brief of the departmental activity during the years
are mentioned below:

Investigation/ Inspection at the direction of BSEC

Last year Bangladesh Securities and Exchange Commission (BSEC) forwarded 81 (eighty one) cases of short
selling alerts, which were generated in their IWMSS, to CSE for investigation. Those all were duly completed and the
reports were sent to BSEC. Besides, the inspection team successfully conducted investigations on 03 (three)
investors’ complaints and submitted reports to the appropriate authority.
Further, the team also conducted inspection in both head offices and factory premises of 05 (five) listed companies
and 30 (thirty) companies of the OTC market in collaboration with BSEC and DSE. Afterward, coordinated with the
respective parties, actively participated in preparation of those reports. Furthermore, the team followed up the risk
based TREC Holders based on their Consolidated Customers’ Account (CCA). In these connection 04 (four) cases
regarding deficit in the CCA of the TREC Holders were forwarded to the Commission. Subsequently after monitoring
the cases of adjustment within stipulated time frame, the matter was reported to the regulator. However,
instruction of the Commission has been strictly following by updating the list of marginable securities daily in CSE
website and ensuring compliance of the concerned rule.

Routine Inspection
During the year, the Department has incessantly monitored the trading activities of all its TREC Holders. The team
members have conducted onsite inspection in 133 (one hundred and thirty three) head offices, branch offices and
extension offices of different TREC Holders all over the country. For the second wave of COVID-19 when the
physical/onsite was not feasible and coherent, the team, with the consent of BSEC, conducted 47 (forty seven)
offsite inspection through online/electronically. The particular focus of those inspections was on the compliance of
current laws and providing adequate guidance to the officials of those TREC Holders about what is permissible
conduct. The team also verified whether adequate systems and procedures are in place and maintained by
supervisory personnel and whether all applicable rules/regulations/procedures/directives, code of conduct and any
amendments therein are strictly adhered to.
After conducting inspection, the non-compliances/deficiencies had communicated to the concerned TREC Holders
and CSE sought their feedback after complying the same. Further, the reports containing observations were 75
forwarded to BSEC as per regulations. During this period 58 (fifty eight) reports in this connection have forwarded
to the Commission for further action.

Inspection in New Setups

Recently BSEC has been launching new online channels association with the exchange(s), desire to digitized entire
capital market business segments, and hope to equipped the stakeholders for not only remote trading but also
trading from any corner of the glove in Bangladesh trading platform. Following such the Commission allow the TREC
Holders to open Digital Booth in home and abroad. In this respect the team also has been planning to conduct
inspection in the far-flung digital booth through virtual tours and advanced digital technologies.
This year BSEC resume to permit the TREC Holders for opening new branch offices in the areas of divisional
headquarters. Many of the TREC Holders also shifted their Head offices, branch offices as well as extension booths
for their business considerations/conveniences. Additionally, the inactive TRECs established new setups to
commence their brokerage/dealership operations. In all such cases, the team conducted inspection to verify
 whether the proposed setup meets the applicable legal requirements. A total 47 (forty seven) such types of
inspection conducted in the offices of different TREC Holders during the year.

Special Inspection
During the period, the team members investigated and reported total 09 (nine) trading related issues originated in
CSE’s own surveillance and been referred by CSE Surveillance Department alongside the investigation on the client
complaints referred by the Complaint Cell of the exchange. Side by side the team worked on one of the forfeited
TREC Holder of CSE named Moharam Securities Ltd. and with their clients’ complaints. Validity and accuracy of the
claims have been checked to ensure smooth settlement of the valid claims. In this regards, rigorous verification of
the submitted documents have been ensured as well as systematic records of the claims have been established.
Considering all these, CSE now has been transmitting the securities through CDBL to the link BO accounts of the
clients, who have no shortage of securities in their BO accounts and have not any monetary claim.

Reinforcement
During this period the department has classified some TREC Holders based on risk-based criteria. Besides, it has
identified mismatch in some trade related settlement of securities based on the scrutiny generated alerts. In this
regard, the team worked with those TREC Holders intensively and sat with the management and operational level
officers of 29 (twenty nine) TREC Holders on the basis of one-to-one approach. The consequence produced a
progressive result. It has appeared that either the TREC Holders had overcome from some major non-compliance or
improved a satisfactory progress on some.

Enforcement Actions
Inspection and Enforcement Department has also ensured strong enforcement actions through RAC against
non-compliances found during its on-site/off-site inspections. From time to time it also called explanations from
the respective TREC Holders, wherever it considered necessary. Such actions have significant impact in bringing
market discipline and protecting rights and interests of investors. Further CSE suspended one of its TREC named
Firstlead Securities Ltd. for complying with the instructions of BSEC.

Compliance Awareness for TREC Holders

The department also actively participated and conducted various Compliance Awareness Sessions and programs
organized by the Regulatory Affairs Division (RAD) of CSE for the Compliance Authorities, Traders/Authorized
Representatives (Ars) and general/institutional investors. This year considering the COVID situation this
department organized 12 (twelve) awareness program through online platform named “zoom”. A large number of
participants were attended in those sessions/programs. The programs have significant contribution in upgrading
knowledge base of the stakeholders and improving overall compliance status of the TREC Holders.
Following table represents gist of the activities during the year:
76 Nature of Tasks Number
Routine Inspection of TREC Holders (Onsite & Offsite Inspection) 180
Routine report finalized for BSEC 58
Commencement & Shifting of Head Office/Branch office/ Extension office 47
Suspicious trading investigation (query raised & referred by CSE
9
Surveillance Dept. and Complaint Cell Dept.)
Special Investigations (instructed either by BSEC or by CSE High officials) 317
Compliance Awareness Program 12
Investigation on Short Selling Alerts (referred by BSEC) 81
Enforcement (Explanation call/hearing/suspension & others) 23
Reinforcement 29
Clearing and Settlement
CSE provides settlement and clearing services to TREC holders through its clearing house. The clearing house
provides the TREC Holders and the depository i.e. CDBL information about each TREC Holder’s settlement obligation
i.e. balances due to and from the counterparties on settlement date (s) after the trading period is over. It acts as a
common agent of the TREC Holders by delivering and receiving their payments/securities. The Clearing House also
handles settlement failure, auction settlement, spot settlement and settlement of foreign trades. As per regulation
19 of Chittagong Stock Exchange (Settlement of Transactions) Regulations, 2013, CSE furnishes a weekly report
to BSEC on clearing and settlement of transactions and also as per regulation 10(4) CSE has to inform BSEC in the
event of defaults in payment/delivery of securities.
Thus, CSE ensures good settlement of transactions and performs rigorous enforcement action in case of
settlement failure. During the period, the following actions have been taken against concerned TREC Holders for
default in settlement:

Violation Number of TREC Nature of Action

Pay-in shortage (non-
deposit of securities)
Non-payment of fund
Close-out
04 Concerned TREC Holder’s trading operations were
suspended. Following this, auction buy was
conducted and applicable fine was realized as per
regulation 10(1) and 18 of the CSE (Settlement of
Transactions) Regulations, 2013
02 Concerned TREC Holder’s trade was suspended,
realized applicable fine and settled as per
regulation 10(2) of CSE (Settlement of
Transactions) Regulations, 2013
02 Concerned TREC Holder’s trade was suspended,
realized applicable fine and settled as per
regulation 10(3) of CSE (Settlement of
Transactions) Regulations, 2013

Investors’ Complaints, Arbitration and Litigation

Investors’ Complaints
CSE has a dedicated Investors’ Complain Cell having some defined functions and responsibilities. In pursuance of
its responsibility, RAD established a dispute resolution mechanism (DRM) to ensure proper recording of cases
received, tracking and monitoring of developments and ensure fair, transparent, equitable and most importantly
faster resolution of investors’ grievances alongside reporting to BSEC on regular basis.
During the year, Investor Complaint Cell received 29 (twenty nine) written complaints and successfully settled 08
(eight) of them. The remaining unsettled issues were related to Firstlead Securities Limited & other TREC Holders.
The Cell also provided one to one counseling to the investors who have visited CSE on various grievances/issues. 77
Complaints lodged at Customer Complaints Address Module (CCAM)
Since the commencement of Customer Complaints Address Module (CCAM) platform, most of the investor
complaints were lodged in this online platform. During the period, CSE received 36 (thirty six) complaints in this
platform and successfully settled 12 (twelve) of them. The remaining unsettled were mostly related to Firstlead
Securities Ltd. and some other TREC Holders.

Investor Complaints against Moharam Securities Limited (CSE forfeited TREC 108)
Due to various non-compliance and violations of securities related laws, the TREC of Moharam Securities Ltd. was
cancelled and the shares of Moharam Securities at CSE were forfeited on January 30, 2020. After cancellation of
TREC and forfeiture of shares of Moharam Securities Ltd., CSE published news on National and Local newspaper on
February 07, 2020 for information of the clients of Moharam Securities Ltd. and also requested them to submit their
claims (if any) against Moharam Securities Ltd. to CSE within February 27, 2020. Considering the suffering of the
investors, CSE took initiatives by different means to submit claims of investor against Moharam Securities Ltd. CSE
also formed a team to examine and scrutinize the documents submitted by the clients of Moharam Securities and
also to determine the total liabilities of Moharam Securities against its clients. CSE is also working to sell forfeited
shares and TREC through tender which is under process. Till 30 June, 2020 total 196 investors submitted their
claims. Amongst the claims 99 investor claims were settled and rests were unsettled.

Litigation
The litigation status is appended bellow:

Sylhet Metro City Securities Ltd. (SMCSL) (Writ Petition No. 12975 of 2018)
CSE vide an order no. CSE/RAD/ENF/01/2018 dated August 30, 2018, cancelled membership of Sylhet Metro City
Securities Ltd. (SMCSL) and simultaneously forfeited the shares in CSE. SMCSL filled a writ petition no. 12975 of
2018 at the Honorable High Court (HCD) Division of the Supreme Court challenging the operation of Rule 3(1A) of
Securities and Exchange Rules, 1987. The HCD on October 29, 2018 stayed the operation of the impugned order of
CSE for a period of 6 (six) months. On January 17, 2019, the penal lawyer of CSE made a Civil Petition for Leave to
Appeal no. 4472 of 2018 to the Appellate Division of the Supreme Court to vacate the ‘Order’ passed by the HCD on
October 29, 2018. The Appellate Division of the Supreme Court considering the facts and circumstances dismissed
the petition and referred for hearing in the order passing court. As BSEC is also a party in this writ petition, CSE
requested the Commission to take necessary steps for representation of the Commission in this matter for the
early dismissal of this writ petition. Both CSE’s and BSEC’s lawyer have been trying to fix a date for hearing of the
writ petition in Court no 20 (Annex), the rule issuing Bench.

Monthly Report of CRO

In compliance to Regulation 16 (1) (l) of Chittagong Stock Exchange (Board and Administration) Regulations, 2013,
the CRO meticulously continued to submit his report on regulatory compliance status to RAC as well as BSEC every
month. The reports provided insight about the regulatory compliance status of various stakeholders including listed
companies and TREC Holders and also highlighted the development initiatives of CSE in the regulatory arena.

Regulatory amendment proposal

The Regulatory Affairs Committee recommended to the Board the proposals of necessary regulatory amendments
and formulation of regulations as required by the BSEC. The followings are the proposed amendment of the rules and
formulation for regulations for BSEC approval:
a) Comments on 78
b) Proposal regarding Draft Procedure of Non-voluntary De-listing;
c) Comments on Primary Draft of Bangladesh Securities and Exchange Commission (Debt Securities) Rules,
2020;
d) Comments on Securities and Exchange Rules, 2019;
e) Opinion on Commission’s proposal of mandatory payment of Cash Dividend through BEFTN.
79
NOTICE OF THE 26TH ANNUAL GENERAL MEETING
Notice is hereby given that the 26th Annual General Meeting (AGM) of Chittagong Stock Exchange
Limited will be held on Thursday, the 25 November, 2021, at 4:00 pm by using digital platform in
compliance with the Bangladesh Securities and Exchange Commission’s (BSEC) Order no.
SEC/SRMIC/94-231/935 dated 11 June, 2020 for transaction of the following businesses:
Ordinary Business:
1. To receive, consider and adopt the Financial Statements of the Exchange for the year ended 30
June 2021 and the Reports of the Directors and the Auditors thereon;
2. To declare dividend for the year ended 30 June, 2021;
3. To appoint Statutory Auditors for the year ending June 2022 and to fix their remuneration;
4. To elect Director of the Board of Chittagong Stock Exchange Limited.

Special Business:
1. To change the name of the company to “Chittagong Stock Exchange PLC” from
“Chittagong Stock Exchange Ltd.”
To adopt the change of registered name of the Company to “Chittagong Stock Exchange
PLC” from “Chittagong Stock Exchange Limited” as per provision of the Companies Act,
1994 (2nd amendment 2020) and to amend the relevant clause of the Memorandum and Articles
of Associations of the Company by adopting the following Special Resolution:
Resolved that the proposal of changing of registered name of the Company to “Chittagong
Stock Exchange PLC” from “Chittagong Stock Exchange Limited” in accordance with the
Companies Act, 1994 (2nd amendment 2020) be and is hereby approved as Special Resolution
and if deem fit to adopt the following amendment in the relevant clauses of the Memorandum
and Articles of Associations of the Company subject to approval of Shareholders and regulatory
authorities:

Existing Proposed amendment 80

MEMORANDUM OF ASSOCIATION OF
CHITTAGONG STOCK EXCHANGE LIMITED
I.! The name of the Company is CHITTAGONG
STOCK EXCHANGE LIMITED (hereinafter
referred to as the Exchange)
ARTICLES OF ASSOCIATION OF
CHITTAGONG STOCK EXCHANGE LIMITED
2. iii. “Board” means the Board of Directors of
Chittagong Stock Exchange Limited;
2. viii. “Exchange” means “Chittagong Stock
Exchange Limited” in short commonly known as the “CSE”;
MEMORANDUM OF ASSOCIATION OF
CHITTAGONG STOCK EXCHANGE PLC
I.! The name of the Company is CHITTAGONG
STOCK EXCHANGE PLC (hereinafter referred
to as the Exchange)
ARTICLES OF ASSOCIATION OF
CHITTAGONG STOCK EXCHANGE PLC
2. iii. “Board” means the Board of Directors of
Chittagong Stock Exchange PLC;
2. viii. “Exchange” means “Chittagong Stock
Exchange PLC” in short commonly known as the “CSE”;
 Further Resolved that the old name of the Company will be replaced by the new name in all the
statutory/title documents, licenses and other relevant documents.”

By order of the Board

04 November, 202 _________________

Rajib Saha, FCS
Company Secretary

Notes:

• Shareholders whose names appear on the Members/Depository Register on the Record Date i.e.
25 October, 2021 shall be eligible to attend the 26th AGM of the Exchange and to receive the
Dividend.
• A Shareholder wishing to appoint a Proxy must deposit the Proxy Form, duly stamped, at the
Company’s Registered Office by 04:00 pm of 22 November, 2021.
• Only Shareholders or their validly appointed proxies will be allowed to have access to the
registration process to attend the meeting.
• Pursuant to the Bangladesh Securities and Exchange Commission’s Order No.
SEC/SRMRC/04-231/25 dated 08 July 2020, the AGM will be a virtual Meeting of the members,
which will be conducted via live webcast by using digital platform. The detailed procedures to
attend the meeting will be communicated to the shareholder’s e-mail ID and it will also be
available on the company’s website.
• Annual Report 2021 will be sent through the e-mail address of the Shareholders and also available
to the website of the exchange.

81
 DIRECTORS’ REPORT

82
DIRECTORS’ REPORT
It is a pleasure and privilege on the part of the Board of Directors to place herewith the Directors’ Report and
Auditors’ Report together with the Financial Statements of Chittagong Stock Exchange Limited (CSE) for the year
ended 30 June, 2021.

Change in Status
Through Demutualization, CSE separated the ownership interest of the members of the Exchange from the trading
rights, however broadly the process also enables the Exchange to position itself as a strong business entity
following the transition to a for profit entity from non-profit.
After completion of necessary formalities, Chittagong Stock Exchange Limited started its journey as demutualized
exchange from 21 November, 2013 and registered as a Public Limited Company under Companies Act, 1994. The
first Board after demutualization took office from 15 February, 2014.

Resignation of Mr. Mohammad Abdul Malek

Mr. Mohammed Abdul Malek submitted his resignation from the position of an Independent Director of the Board of
Directors of Chittagong Stock Exchange Ltd. due to his personal reasons which the Board duly accepted with effect
from 02 December, 2020.

Appointment of Independent Director

In pursuant of Regulation-3(2)(a) of Chittagong Stock Exchange (Board and Administration) Regulations, 2013 the
Board of Directors in its meeting held on 13 December, 2020 nominated two distinguished individuals for the vacant
position of Independent Director of Chittagong Stock Exchange Ltd.
On 20 January, 2021, Bangladesh Securities and Exchange Commission (BSEC) approved the nomination of Mr.
Syed Mohammed Tanvir as Independent Director of Chittagong Stock Exchange Ltd.

Pandemic Development
The Coronavirus (COVID-19) pandemic has been an unprecedented global situation that all countries are dealing
with in terms of its human and economic consequences. Since the pandemic started to spread, it has infected at
least 160 million people and caused more than 3 million deaths. Hundreds of thousands of new cases are being
reported every day, and the number of unreported cases is estimated to be substantial, particularly in South Asia.
Global outbreaks of the virus have come in several waves, each cresting at a higher daily infection rate than the one 83
before.
The Government and local administration have taken several measures like creating awareness on wearing of
masks and maintaining social distancing, lockdown, stricter rules on the movement of people etc. These steps
taken did help to combat the spread and transmission of the virus. However, due to the virus mutating it self and
with newer variants, there has been a sudden rise in corona virus cases across the country and resultant
devastating second wave of the virus. While fresh restrictions in the movement of people have been imposed, the
focus is to vaccination of people in phases, ensuring sufficient health facilities and medical supplies to bring the
spread and transmission of the virus under control.
Bangladesh Securities and Exchange Commission (BSEC) decided to keep the market open in limited scale.
Accordingly, trading and settlement activities remain open for limited hours in line with the banks during the
government – enforced lockdown. However, the bourses discouraged clients for rushing in the brokerage houses
and encourage more for trading through mobile apps and other internet based devices amid the ongoing situation.
 Market Performance
Global Outlook
Following a 3.5 percent contraction caused by the COVID-19 pandemic in 2020, global economic activity has gained
significant momentum; however, it remains well below pre-pandemic projections. The ongoing pandemic continues
to shape the path for global economic activity, with severe outbreaks continuing to weigh on growth in countries.
The most recent wave of COVID-19 is now centered in some emerging market and developing economies, where
more transmissible and virulent strains are spreading and where vaccine access remains limited.
After declining in the first half of 2020, global inflation has rebounded quickly on recovering activity. While global
inflation is likely to continue rising in the remainder of this year, inflation is expected to remain within target bands
in most inflation-targeting countries.
Amid continued vaccination, economic activity is firming across major advanced economies – most notably in the
United States, where the recovery is being powered by substantial fiscal support. Growth in China remains solid but
has moderated as authorities have shifted their focus from buttressing activity to reducing financial stability risks.
Many other countries, primarily EMDEs, are experiencing subdued pickups alongside surges of COVID-19 cases,
even if recent waves of infections appear to be less disruptive to economic activity than previous ones. Global
manufacturing activity has firmed, with industrial production surpassing its pre-pandemic level, services
activity-especially travel and tourism-remains soft.
Global financial conditions have tightened somewhat, partly reflecting a rise in U. S. bond yields amid increased
inflation pressures. Nevertheless, they remain generally supportive, reflecting continued extraordinary policy
accommodation by major central banks. Commodity prices have increased markedly, owing to the improving global
outlook as well as commodity-specific supply factors. The recovery in global activity and in commodity prices is
contributing to an increase in inflation, especially in some EMDEs that have experienced currency depreciation.
As per the World Bank, the world economy is experiencing an exceptionally strong but highly uneven recovery. Global
growth is set to reach 5.6 percent in 2021 – its strongest post-recission pace in 80 years. The recovery is
underpinned by steady but highly uneven global vaccination and the associated gradual relaxation of
pandemic-control measures in many countries, as well as rising confidence. A substantial share of this rebound is
due to major economies, with many EMDEs lagging behind. The United States and China are each expected to
contribute over one-quarter of global growth in 2021, with the U.S. contribution nearly triple its 2015-19 average.
Vaccination progress is a key determinant of near-term forecast revisions. Despite the strong pickup, the level of
global GDP in 2021 is expected to be 3.2 percent below pre-pandemic projections. The recovery is envisioned to
continue into 2022, with global growth moderating to 4.3 percent. Still, by 2022, global GDP is expected to remain
1.8 percent below pre-pandemic projections.

South Asia
Developing Asia continues to grapple with the COVID-19 pandemic. Renewed outbreaks are a cause for concern,
84 amid uneven progress on vaccination. The region’s output is forecast to expand by 7.1% in 2021 and 5.4% in 2022,
supported by a broad recovery in exports. Regional growth paths are diverging, with economies that have
successfully contained the pandemic or are making good progress on vaccination programs forging ahead.
Aggregate GDP in South Asia is projected to expand by 8.8% in 2021, less than the forecast made by Asian
Development Bank. If the pandemic dissipates before the end of 2021, the sub regional economy is projected to
grow by 7.0% in 2022, more than earlier projection.
Inflationary pressures in South Asia appear to be rising, largely because of food prices forced up by supply chain
disruption. The projection for sub regional average inflation in 2021 is revised up from 5.5% to 5.8%, largely
reflecting supply chain disruption and a delayed monsoon sustaining FY 2021 inflation in India at 5.5%.

Bangladesh
Notwithstanding the worldwide outbreak of coronavirus disease which began to strike in Bangladesh from early
March, 2020, Bangladesh economy displayed its inherent resiliency reflected through a notable 5.5 percent real GDP
growth where all other South-Asian economies experienced economic contractions in FY20. Aided by prudent fiscal
and monetary policy measures, the growth momentum for Bangladesh continues, recording an estimated growth of
6.1 percent in FY21, well supported by rebounded exports and import growth amid sustained high growth of inward
remittances throughout the year.
The government of Bangladesh has so far announced 28 stimulus packages worth of Taka 1.35 trillion which is
approximately 4.9 percent of FY20’s current price GDP, for mitigating the adverse impact of the outbreak of
COVID-19 on Bangladesh economy and facilitating faster economic recovery. Bangladesh Bank has also
appropriately adopted a range of policy measures for ensuring uninterrupted banking and mobile/digital financial
services even in the lockdown situation, injecting sufficient loanable funds for the banks and other non-bank
financial institutions, reducing the cost of loanable funds, establishing the funds for promoting new entrepreneurs,
and enhancing the productivity of export sectors, and extending the refinance facilities for the priority sectors
including agriculture, CMSMEs, large industries, export-oriented industries and services sector.
The Government has set a target of real GDP growth at 7.2 percent for FY22 considering that the ongoing corona
situation will improve especially with the implementation of mass-scale vaccination programs, strengthening the
recovery process in the coming days.
Due to prolonged COVID-19 containment measures in the form of mobility restrictions and lockdowns, the revival of
the economic activities was less than expected. Accordingly, the growth target of real GDP was revised to 7.4
percent in January 2021, keeping the inflation target unchanged.
Bangladesh Bank undertook a range of investment and employment enhancing policy measures throughout the FY21,
some of which are relaxations of various policy interest rates, and purchasing extra government securities from the
banks’ holdings for supporting their longer-term liquidity need, the introduction of various low-cost refinance
schemes, allowing moratorium facilities and extended time for realizing export receipts and import payments, and
introduction of a new credit guarantee scheme for making easy access to credit at a lower cost by CMSMEs.
Signs of a broad-based economic recovery began to appear in Q1FY21, reflected through various macroeconomic and
financial indicators. The speed of recovery was strengthened further in Q2FY21 by improving the consumer and
business confidence stemmed from the declining trend of new infection rate and the growing hope for the roll-out of
vaccination program in Bangladesh helped to accelerate economic activities in Q3FY21. During this period, sustained
activities in the agriculture sector, resumption of industrial production backed by exports and construction
activities, and restoration of service sector activities with increased mobility of the people including a rush in local
tourist destinations suggested a recovery in economic activities. However, the Q4FY21 has witnessed the
devastation of the 2nd wave of the COVID-19 pandemic in terms of record death and infection rates resulting in the
reinforcement of mobility restrictions and nationwide lockdowns. Despite these containment measures, the
available data suggest that the external demand which is mostly reflected by export proceeds increased by 15.1
percent in FY21. Likewise, a couple of indicators of domestic demand reflected through imports and wage earners’
remittance inflow saw phenomenal growth recording respectively at 19.7 percent and 36.1 percent in FY21.
Besides, due to the implementation of several large infrastructure development projects by the Government, public 85
sector investment also remained robust. The large and medium scale manufacturing output registered a 14.9
percent growth during the first ten months of FY21. However, since the middle of March of 2021, the second wave
of COVID-19 has badly struck on Bangladesh economy and the situation has further worsened in the recent months
by locally spreading Delta variant of COVID syndromes. Despite these recurrent shocks of COVID, all approximations
of the government and Bangladesh Bank suggest that Bangladesh economy may attain over 6 percent real GDP
growth in FY21 mostly supported by reasonably healthy growth performances in agricultural and industrial sectors.
The stronger inflows in the wage earners’ remittances in FY21 were mainly due to the Government’s drives on
preventing the informal channels and bringing upon remittances into the formal banking channels by allowing two
(2) percent incentives to the beneficiary of the overseas wage earners’ along with the Bangladesh Bank’s initiatives
of time and cost-effective money transfer process. Exporters were supported through stimulus packages especially
by enhancing the EDF fund, providing workers’ salary, supporting working capital financing, and concurrently by
defending the appreciation pressure. The monetary and exchange rate policies were effectively contributed to
 narrowing the current account deficit to USD 3808 million (1.0 percent of GDP) in FY21 from USD 4724 million (1.4
percent of GDP) in FY20. Despite this current account deficit, the country’s overall BoP, supported by a remarkable
surplus in financial accounts, witnessed a sizeable surplus of USD 9274 million in FY21 as compared with USD
3169 million in FY20. Relying on this BoP surplus, the net foreign assets of the banking system saw a very strong
growth of 27.5 percent alongside reaching BB’s foreign exchange reserve to a historically high level of USD 46.4
billion at the end of June 2021.
Despite the unprecedented expansionary and accommodative monetary and fiscal policy stances along with supply
chain disruptions due to COVID-19 related containment measures amid global price hike, BB has been broadly
successful in taming inflationary pressure in FY21. The CPI-based average inflation declined to 5.56 percent
(against the target of 5.40 percent for FY21) from 5.65 percent in FY20. Subdued demand-side pressure,
policy-driven bumper agricultural production in the country, and effective coordination between the monetary and
fiscal authorities which reflected in a timely reduction of tariff and slashing down of LoC margins on importing
essential food items have significantly contributed to this achievement.
Virtually, Bangladesh’s inflation dynamics are heavily dependent on food price movements mostly due to its single
most weightage in the basket items. With the recent rising trend of food items in the global markets, taming
general inflation may continue to face some challenges in the coming months. However, with a bumper production
of paddy in the last harvesting season ended in April-June 2021 and the Government’s serious drive for pilling up its
food stock both from domestic and international sources may provide some sense of relief. Moreover, in spite
implementation of the huge stimulus packages, the money supply in the economy remained well contained within
the safes limit until June 2021.

Global Capital Market

Like the economy, capital markets also proved to be one of the most tumultuous in modern history, marked by
several developments that were historically unprecedented. But the year also demonstrated the resilience of
people, institutions, and financial markets. The roll-out of the Covid-19 vaccines, the additional stimulus packages
approved by governments, the savings accumulated during the pandemic, and an increased confidence in the
economic recovery boosted the markets.
At the end of June 2021 Market capitalization increased 6.5% compared to December 2020, surpassing the 116 USD
trillion mark for the first time. The world equity market reached record levels of value traded (78 USD trillion) and
volumes traded (21.6 billion trades) in the first half of 2021. The capital raised through IPOs registered an increase
of 83.7% relative to last half of 2020. Notably, in June 2021, the capital raised through IPO (191 billion USD) was by
far the highest monthly amount raised, at least in the last five years. While globally there was a decline of 6.2% in
the number of listings in first half of 2021, but the average size of an IPO increased by 96%, to 372.8 USD million/IPO.
The Dow Jones Industrial Average (DJIA) rose by 7.2%, ending the year at 30,606.48; the S&P 500 Index was up
16.3% to close 2020 at 3,756.07; the Nasdaq Composite Index increased by 43.6% to 12,888.28; and the Russell
86 2000 Index gained 18.4% to end 2020 at 1,974.86.

Bangladesh Capital Market

The Capital Market of Bangladesh mostly remained buoyant during FY21 supported by easy monetary condition and
restoration of investors’ confidence due to favorable policy supports from the associated regulatory bodies. The
market index, turnover, market capitalization, and issued capital have tremendously increased by end of June 2021.
The daily average turnover, an important liquidity indicator of the capital market, significantly grew which suggests
that the investors’ confidence has significantly increased in the recent months, though high volatilities persisted
in the market.
Considering the importance of the capital market for the accumulation of long-term funds for private as well as
public investments, recently Bangladesh Securities and Exchange Commission (BSEC) took many initiatives to
restore the investors’ confidence in the capital market of Bangladesh. These initiatives include: (a) faster approval
process of IPO to enhance the market capitalization and listing of more securities in the stock exchanges, (b)
implementation of two percent of total share capital holding for the individual director and 30 percent for all
sponsors director of the company to bring transparency and trust in the trading system, (c) revision of IPO share
distribution policy allowing general investors to allot the IPO shares on pro-rata basis instead of lottery, (d)
re-fixation of margin loan limit based on index, (e) constitution of market stabilization fund, and (f) approval of the
perpetual bond by BSEC to be given to scheduled banks.
On the other hand, in order to improve the liquidity condition in the capital market, Bangladesh Bank reduced its repo
rate from existing 6.00 percent to 4.75 percent applicable for creating a special investment fund of Taka 2 billion
to be constituted by each bank for investing in the stock market beyond their market exposure limit. The
Government has also taken a series of initiatives to increase the flow of funds and institutional participation in the
capital market including the continuation of permitting undisclosed money in the capital market.

CSE’s stance
The total number of listed securities in Chittagong Stock Exchange (CSE) stood at 348 at the end of June 2021.
During the period July’20-June’21, a total number of 4,072.95 million shares were traded as against 1,675.41 million
shares during July’19-June’20. It was 143 percent higher than that of preceding year.
During July’20-June’21, the total turnover value of traded shares was Tk. 116.08 billion which was 120 percent
higher than that of the preceding year. The market capitalization of CSE stood at Tk. 4,383.65 billion at the end of
the period under report, which was 79 percent higher than the same of period of the preceding year.
All Share Price Index of CSE stood at 17,795.00 points at the end of June 2021, which was 57 percent higher than
11,332.58 points at the end of June 2020. The CSE 30 index stood at 13,382.78 points at the end of June 2021,
which is 34 percent higher than 9,925.12 points at the end of June 2020. The Shariah Compliant index CSI went up
to 1,091.85 points at the end of June 2021 which was 733.27 points at the end of June 2020.
The total amount of issued capital rose to Tk. 833.65 billion at the end of June 2021 which was 13.28 percent
higher than Tk.735.89 billion at the end of June 2020. At the end of June 2021, Price Earnings (P/E) ratio in CSE
increased to 17.68 from 10.68 at the end of the preceding year. In Chittagong Stock Exchange, the yield slightly
decreased to 3.63 at the end of June 2021 which was 4.73 at the end of June 2020.

87

Regulatory Reforms
Enactment of Trading Right Entitlement Certificate Rules, 2020
Bangladesh Securities and Exchange Commission (Trading Right Entitlement Certificate) Rules, 2020 were
enforced by a gazette notification on 12 November, 2020. Under these rules exchanges are allowed to issue new
Trading Right Entitlement Certificate (TREC). Local companies must have a minimum Tk. 5 crore in paid-up capital
and foreign ones Tk. 10 crore if they want to buy the TREC from exchange. However, a company formed with local
and foreign shareholders can get one with Tk. 8 crore in paid-up capital. As per Rules at the beginning of each
financial year, the stock exchange will have to submit its annual plan if desire to issue new TREC.
 Digital booth for stock brokers
Considering greater interest of the general investor and for development of the securities market, BSEC on 13
December, 2020 by issuing a directive allowed stock brokers to open digital booth across the country and overseas
to expand the business and also to make easy for investor to get services. Only the firms with adequate
infrastructure, facilities, financial strength, and manpower will be able to expand. The booths will be directly
managed and supervised by the brokerage firms and cannot be operated by a third party. The firms will be able to
set up digital booths at the city corporation, municipality, union parishad and district levels across the country.

Securities and Exchange Rules, 2020

The Bangladesh Securities and Exchange Commission (BSEC) repealed the Securities and Exchange Rules, 1987
and makes Securities and Exchange Rules, 2020. The Rules addressed, among others, the manner of business
transaction of stock broker or stock dealer, preparation, auditing and submission of financial statements by the
stock broker or stock dealer, maintenance of books of accounts etc. by the stock brokers or stock dealers. The
Rules also covered operation and maintenance of consolidated customers’ account, separate preservation of
customers’ securities, maintenance of own bank account by the stock broker or stock dealer. While, the Rules also
set the procedures for application for registration etc. by an exchange, maintenance of books of accounts and other
documents by the exchange, submission of periodical returns by the exchange, annual report of the exchange,
listing of a security, annual report, financial statements, audit etc. by the issuers.

Enactment Debt Securities Rules, 2021

Bangladesh Securities and Exchange Commission (Debt Securities) Rules, 2021 were enforced by a gazette
notification on 31 May, 2021. The rules are applicable to the issuance of all types of debt securities, sukuk,
asset-backed securities and others through public issue or private offer as decided by the commission from time
to time. The rules also paved the way for issuing blue bond for raising funds for investments in such a project or
company or organization that is engaged in marine or ocean or sea or coast-based activities or business related to
blue economy or climate or environmental impact in addition to financial returns.

Capital Market Stabilisation Fund

The formal launch of the Capital Market Stabilization Fund (CMSF) is on the way as the Bangladesh Securities and
Exchange Commission (BSEC) has published a gazette notification on 27 June, 2021 detailing the relevant rules.
The very name of the fund suggests that its primary objective will be to intervene and stabilize the market should
there be a reason to do so. Under the CMSF, several management committees will operate a fund worth several
billion, remaining accountable to the BSEC. The fund itself will do trading under a guideline and offer short-term
loans to the market intermediaries as part of the market stabilisation efforts.
The CMSF will have its base capital formed with unclaimed/unsettled cash dividends and stock dividends and
bonus shares of the listed companies and IPO subscription money for the immediate past three years. However, the
88 fund would make necessary disbursement against any claim made by investors, following verification by the issuer
companies. Thus, the fund will also protect the interest of the investors. Besides, the CMSF will be free to accept
funds as loans or grants, from the government and other organizations for the development of the capital market.

Market Development
Implementation of SME Platform
The long aspiring initiative for enabling opportunities for Small Medium Enterprise (SME) companies through the
inauguration of SME Platform was a landmark decision taken by the regulator and Chittagong Stock Exchange set
a notable milestone through the first ever SME listing in the history of Bangladesh Capital Market. The process
initiation of SME funding through the capital market is expected to have an encouraging macro-economic impact in
fetching a new era in small industrialization. Any existing firm or startups having 5 crores of post-issue paid up
capital will be eligible for getting listed. An exclusive opportunity of switching to the main board listing has been
kept when the prevailing paid up capital of the company reaches to 30 crores. Ease of listing process and least
bureaucratic ambiguity is expected to change the traditional financing like other developed economies and a proper
awareness and planned execution will optimistically make the SME listing more familiar which affirm a better
complied financing with good governance practice.
CSE SME Platform is a credible, transparent and efficient market place to bring about convergence of qualified
investors and small capital companies of the country having low paid up capital. It is a platform for the best of
emerging corporate to raise capital from Qualified Investors (QI) and High Net worth Individuals (HNIs).
Another new era for the Bangladesh Capital Market has been induced by Chittagong Stock Exchange (CSE) through
the trade inauguration of Nialco Alloys Ltd., first company listed in SME Platform, on 10 June 2021.

Development of Bond Market

Development of Bond Market is one of the major agenda included in the 10-years master plan declared by the
Bangladesh Securities and Exchange Commission (BSEC) since implementation of bond market is inevitable to
establish an effective capital market. Considering its precedent pioneering accomplishments, CSE has been
recommended by the BSEC to introduce trading platform for the transaction of Govt. Securities (G. Sec.) which
included T-Bonds, T-Bills etc. The CSE team is working relentlessly to implement a full-fledged Bond Market having
features like Dirty Price, Clean Price, Yield, Yield Curve etc. Aligned with other developed global Bond Market, it is
essential to customize those above features for affirming functional transaction of various bonds including the G. Sec.
CSE is working jointly with its software providers to materialize the supporting phase for the fixed income
securities like G. Sec., Sukuk, Corporate Bonds, Municipal Bonds etc. in the exchange.

Initiative for the establishment of Commodity Exchange

The new commission is very much keen to materialize diversified product for the expansion of capital market. Based
on its prevailing confidence on CSE; the commission expressed positively that CSE could be the right choice for
endeavoring to establish commodity future market in Bangladesh for the first time. Accordingly, CSE took initiative
to establish Commodity Exchange and an in-depth groundwork has been accomplished by the CSE team bearing the
business synergy in mind.
The authentic price discovery, efficient price risk management and a structural movement of commodities are the
foremost objectives of the Commodity Exchange. For an emerging economy like Bangladesh, the establishment of
a functional commodity market is very significant which will result in the reduction of post-harvest losses through
the better price discovery, improvement in commodity price risk management, provision of transparent and
competitive price discovery mechanism, reduction in transaction and marketing costs, etc. The establishment of a
functional/assembled commodity market (whether based on the precious metal or agrovet goods) has become a
demand of time identically aligned with its growing economy and reformative achievements in many sectors.

Issue of New TREC 89

To make the exchange more vibrant and to enhance liquidity by bringing professional brokers CSE took initiative to
issue 30 (thirty) new Trading Right Entitlement Certificate (TREC). This may provide a competitive advantage by the
side of rational expansion of entire capital market. The prospect of intensifying business in new potential areas
through issuing new TRECs will create opportunity for CSE and will assist to enrich the Bangladesh Capital Market.
Moreover, almost 95% of capacity of the Exchange remains unutilized due to the dearth of Business Participation
of existing TRECs. Hence, there is an enormous scope of development by utilizing prevailing system capacity
rationally, in full swing through issuing new TRECs.

Financial Results
Operating Revenue for the year stood at BDT 369.59 million which is 7.83% more than that of the previous year.
Revenue from transaction fee significantly increased as the average daily trade increased to Tk. 47.3 crore per day
from Tk. 26.1 crore last year. The number of new listings also significantly increased from last year. While,
contribution from Book Building System were lower than the last year.
 On the other hand, operating expenses slightly increased from last year. Expenses for Salaries and Allowances were
reduced but office general expenses, electricity and publications expenses increased. In addition, CSE took various
initiatives to ensure safety and wellbeing of the community since the outbreak of COVID-19.
Finance Income for the year significantly reduced by BDT 78.05 million (19.88%) due to fall of interest rate in overall
money market. It is noteworthy that last year CSE invested Tk. 60 crore to acquire 20% shares of Central
Counterparty Bangladesh Limited (CCBL), the operation of which yet to be started.

Operating profit for the year raised to Tk. 87.63 million which is Tk. 23.46 million more than the last year. Almost
same level of operating expenses and 7.83% increase in operating revenue are the main reason for this increment.
On the other hand, the net profit after tax for the year ending on 30 June, 2021 was Tk. 28.3 crore which was
11.08% less than the last year. Lower rate of return on investment put pressure on the bottom line.
At the end of the year the Earnings Per Share (EPS) stood at Tk. 0.45 which is 10.00% less than the last year. The
Net Asset Value (NAV) at the end of this year stood at Tk. 11.75 which was Tk. 0.05 less than the last year.

CSR activities during ongoing COVID-19

CSE took various initiatives to ensure safety and wellbeing of the community since the outbreak of COVID-19.
90 During the pandemic there was scarcity of high flow oxygen nasal canola in Chattogram to treat the serious patient
effected by coronavirus. The death rate in Chattogram was adversely raising every day due to shortage of this
healthcare device. TREC Holders of CSE and Board of Directors of CSE jointly took initiatives to donate high flow
oxygen nasal canola to dedicated hospitals as well as in field hospitals who were serving COVID patient. The
Directors also joined hand individually. As pert of this initiative CSE donated three high flow oxygen nasal canola to
Chittagong Medical College Hospital.

Contribution to National Exchequer

The total contribution to the National Exchequer for the year ended 30 June, 2021 was Tk. 378 million. Out of this
amount Tk. 114 million was deposited as income tax and Tk. 260 million was made on account of staff income tax,
broker tax, gain tax and withholding taxes on payments and rest amounts was the withholding VAT deducted at the
time of payment.
International Relations
Upgradation of Membership Status with the World Federation of Exchanges
CSE became an Affiliate Member of the World Federation of Exchanges Ltd. (WFE) on 28 October, 2013. As an
Affiliate, CSE can participate in WFE’s activities including different surveys, research and findings, seminars and
workshops, policy issues in the international markets, statistical reviews and publications and join in the two main
events that are – WFE Derivatives & Clearing Conference and the WFE Annual Assembly Meeting.
On 23 November, 2020 WFE Board of Directors decided to increase in annual WFE Affiliate Membership fee to GBP
10,000 from GBP 4,180 w.e.f. the year 2021 and to GBP 15,000 in each subsequent two years. Moreover, the WFE
Board also approved a policy change in time limits for change of membership status of the existing Affiliate
Members to Full Member within the next 3 (three) years’ time (i.e., within 2024) and may revoke the Affiliate status
of an Exchange/CCP/CSD that has not started the membership application process within the allotted three-year
period. It is also indicated that the full membership annual fee would be about to GBP 20,000.
To continue CSE’s exposure in the international arena, the CSE Board has given its assent to the WFE Board
decision towards the changes to WFE Affiliate Fees and time limits for Affiliate Status.

Participation of CSE in WFE events and activities

During the year, the World Federation of Exchanges (WFE) organized different online events and activities – mostly
over digital platform due to the Covid-19 pandemic. CSE, as an affiliate member of WFE, participated in most of the
events and activities.

Bond Market Survey

WFE conducted the survey in collaboration with the University of Nottingham as part of its research to investigate
how the bond markets could benefit from increased exchange-based trading and to determine the course of actions
needed to do so.
Ring the Bell for Financial Literacy
WFE supported the IOSCO World Investors Week – WIW 2020 in association with its member entities through
organizing different programs, ringing the bell in multiple countries on multiple day during observing the WIW 2020
from 05 October to 11 October 2020. WIW is a week-long, global campaign to raise awareness about the
importance of investor education and protection and promote financial literacy.

Circuit Breaker Survey

WFE conducted the survey to research on the use of circuit breakers and their effectiveness as the issue
re-entered into the policy debate, triggered in many jurisdictions during the COVID-19 pandemic. WFE published a
report on 01 April 2021, that reveals – circuit breakers are in place in majority of exchanges surveyed (86%).
Exchanges use various tools to safeguard the orderly functioning of markets and to maintain a healthy price 91
discovery process, although there is some degree of variation in their respective regulatory regimes.

Survey on Market Manipulation Regulations

The WFE Policy Expert Group in association with WFE Research team conducted a survey on member entities to
explore how market manipulation is defined and the corresponding regulation implemented across jurisdictions,
with the purpose of creating a matrix that summarizes the different approaches and that could be used to support
the policy discussions.

7th Annual ‘Ring the Bell for Gender Equality’

Ring the Bell for Gender Equity – event series is a partnership initiative of the United Nations Sustainable Stock
Exchanges Initiative (UNSSE), together with the United Nations Global Compact, UN Women, Women in ETFs (WE)
to celebrate the International Women’s Day (IWD). “Women in leadership: Achieving an equal future in a COVID-19
world” was the UN Women’s theme for 2021. WFE in association with its member entities hosted a bell-ringing
 ceremony and other events to raise awareness about the opportunities for the private sector to advance gender
equality and sustainable developments.

37th Clearing & Derivatives Conference

WFE flagship event, the Clearing & Derivatives Conference held over the virtual platform. The conference brings
together academics, policy-makers, regulators, CCPs, derivatives markets and practitioners from around the world
to exchange ideas on the opportunities and challenges for the future of central and bilateral clearing in the light of
regulatory reforms, market structure changes and technological developments. The event comprises speeches,
conversations, panels and presentations from distinguished range of industry leaders and researchers in a number
of key areas including CCP default management processes; recovery and resolution; the role of financial market
infrastructure in managing climate-related financial risks; market resilience; changes in market structure and
procyclicality.

Seventh Annual Sustainability Survey

WFE Sustainability Survey maps Exchanges activities in line with the WFE Sustainability Principles. The
sustainability report covers Environmental, Social and Governance (ESG) activity at market infrastructures across
the world. It captures both the nature and extent of member engagement with ESG issues in both developed and
emerging markets. Since its launch in 2014, the Sustainability Survey has consistently captured the growing
engagement with ESG matters among the WFE membership.

WFE Regulatory Webinar Series

“Market Data Consolidation”: The webinar was focused on – how market data is consolidated within the value
chain, regulatory framework and technological infrastructure and to what extent does data consolidation impact
the pricing of market data, and so on.
“Operational Resilience – Incident and Crisis Management”: Markets are facing unprecedented volumes and
volatility in recent times, drawing forth ever-increasing public scrutiny. This webinar brought together a group of risk
experts to discuss the pertinent topic of incident and crisis management in their respective
organizations/jurisdiction.
“ETFs: current landscape and forward look”: This webinar created an opportunity to learn about the key trends in
the fast-growing ETF market.

“Dark Trading and Alternative Execution Priority Rules”: This webinar focused on traders’ choice between lit and dark
trading venues that depends on market conditions, affected by execution priority rules in the dark pool, adverse
selection, and traders’ competition, etc.

Participation in the UN SSE Initiative’s Consultative Group Calls

As a Partner Exchange of the United Nations Sustainable Stock Exchange (UN SSE) Initiative, CSE participated in
92 the Quarterly Consultative Group Calls through Webinars.

Q4 2020 Quarterly Webinar

The SSE Q4 2020 Call took place on 15 December 2020. In the Q4 webinar, it was focused on the coordination,
convergence, and alignment of ESG (Environment, Social and Governance) reporting standards. In particular,
speakers highlighted the role that every organization will play in future collaborations and outlined their plans to act
together to increase ESG reporting. Speakers acknowledged that coordination will help to decrease the current
confusion that many stakeholders including stock exchanges have experienced when dealing with ESG reporting
standards. The discussion also touched on the importance of market education in advancing ESG reporting and the
role that exchanges play in this.

Q1 2021 Quarterly Webinar: Gender Equality

The SSE Q1 2021 Call took place on 11 March 2021. The Q1 2021 webinar focused on preliminary findings of new
UN SSE research ranking stock exchanges by the gender balance of their issuers’ boards. There were also
presentations by stock exchanges, financial service providers, and specialized organizations on their efforts to
promote gender equality in companies.

Q2 2021 Quarterly Webinar: Climate Disclosure Training

The SSE Q2 2021 Call took place on 10 June 2021. The Q2 2021 webinar featured the launch of a new free training
program on climate disclosure, designated by the UN SSE, IFC and CDSB and discussed what are the TCFD
recommendations and why is climate disclosure important; who is the target audience for the course on climate
disclosure and how can exchanges ensure their market receives free training.

Key Operating and Financial Information

The key operating and financial information for the year ended 30 June, 2021 along with the preceding three years
are presented below:
Financial & Operational Performance Summary Jul 2020 Jul 2019 Jul 2018 Jul 2017 to
Operational Results (financials in million BDT) to Jun to Jun to Jun Jun 2018
2021 2020 2019
Revenue from operating activities 370 343 347 315
Operating Profit/(Loss) 87.63 64.17 53.76 36.52
Net Profit 284 319 391 347
Share Capital 6,345 6,345 6,345 6,345
EPS in BDT 0.45 0.50 0.62 0.55
No of Employees 80 85 86 87

Dividend
Board of Directors is continuously making the effort to uphold and protect the interest of shareholders and ensure
stable growth of the Company. The Board of Directors of CSE recommended 4% cash dividend for the year ended 30
June, 2021 subject to the approval of the Shareholders in the 26th Annual General Meeting (AGM).

Board Size
The Board, headed by elected Chairman from the Independent Directors, consists of twelve (12) members
comprising seven (7) Independent Directors, four (4) shareholder Directors and Managing Director. CSE is searching
for Strategic Investors in pursuance with the Exchanges Demutualization Act, 2013.

Directors’ appointment and re-appointment 93

With regard to the appointment, retirement and re-appointment of Directors, the Company is governed by its
Articles of Association, the Companies Act, 1994 and CSE Board and Administration Regulations, 2013. Accordingly,
Mr. Md. Sayadur Rahman will retire from the Board by rotation at the 26th Annual General Meeting.

The retiring Director Mr. Md. Sayadur Rahman will not be eligible for re-election as he completed two consecutive
terms in compliance with Article-38(1) of the Article of Association of CSE and Regulation 5(1) of Chittagong Stock
Exchange (Board and Administration) Regulations, 2013.
Audit and Risk Management Committee
The Audit and Risk Management Committee has been constituted as Board Committee comprising five (5) members
of the Board. The Committee headed by Mr. Mohammad Abdul Malek, an Independent Director, consists of three (3)
Independent Directors, one (1) shareholder Director and Managing Director. The Audit and Risk Management
Committee met four (4) times during the year from July, 2020 to June, 2021. Mr. Rajib Saha, FCS, Company
 Secretary served as the Secretary to the Audit and Risk Management Committee. The key activities performed by
the Audit and Risk Management Committee during the year were as follows:

1. Reviewed and recommended to the Board the quarterly and annual financial statements for the year ended
30 June, 2021.
2. Considered and recommended to the Board about appointment and remuneration of the statutory auditors
of the Company.
3. Reviewed and appraised the performance of the internal control system.
4. Reviewed and recommended to the Board about the Internal Audit Plan and monitored the progress about the
same.
5. Discussed the Internal Audit Report and findings therein with the auditors, members of Management and
monitored the status of implementation of recommendations therein.
6. Reviewed the Loss and write-off report.

Going Concern
The Directors are of the opinion that the Company is a going concern. Accordingly, Financial Statements are
prepared on a going concern basis.

The System of Internal Control

The Board of Directors assures its Shareholders that the Company has a competent risk management process to
ensure that the system of internal control is sound in design and has been effectively implemented and monitored.
Although it is possible that all risks to the business are not known at present, the Company takes reasonable steps
to identify material risks that may hamper business results and systematically reviews these risks in light of the
changing internal and external environment in order to assess that the controls in place are adequate to address
these risks.

Directors’ declaration as to Financial Statements

The Directors are responsible for the governance of the Company and as part of preparation and presentation of the
financial statements, the Directors also report that:

a) The Financial Statements prepared by the Management of the Company present a true and fair view of
Company’s state of affairs, result of its operation, cash flows and changes in equity.
b) Proper books of accounts are required by law have been maintained.
c) Appropriate accounting policies have been followed in formulating the Financial Statements and Accounting
estimates are reasonable and prudent.
94 d) The Financial Statements were prepared in accordance with Bangladesh Accounting Standards (BAS) and
Bangladesh Financial Reporting Standards (BFRS).
e) The Managing Director (MD) and Head of Finance (HoF) have confirmed the Board that they have reviewed
the Financial Statements and believe that these statements do not contain any materially untrue
statement or omit any material fact or contain statements that might be misleading.
f) The MD and HoF have confirmed the Board that they have reviewed the Financial Statements and believe
that these statements together present a true and fair view of the company’s affairs and are in compliance
with existing accounting standards and applicable laws.
g) The MD and HoF have further confirmed the Board that there are, to the best of their knowledge and belief,
no transactions entered into by the company during the year which are fraudulent, illegal or in violation of the
company’s codes of conduct.
Corporate Governance Compliance Statement
As part of its corporate policy, CSE always strives to maximize its shareholders’ value and wealth. In doing so, the
Bourse has long been committed to maintaining high standards of Corporate Governance. The CSE’s Corporate
Governance framework is directed towards achieving its business objectives as well as regulatory objectives in a
manner which is responsible and in accordance with its high standards of honesty, reliability, transparency and
accountability. The characteristic elements that define effective corporate governance in the Company are outlined
in the Corporate Governance Statement which is appended in the Annual Report. The statement further expands on
the broad practices in CSE. All the employees are expected to live up to these principles and guidance which are
communicated regularly throughout the Exchange.

Auditors
As per requirements of law, the current statutory auditors of Chittagong Stock Exchange Limited, M/S. Hoda Vasi
Chowdhury & Co., Chartered Accountants will retire at the 26th Annual General Meeting. They have expressed their
willingness to be re-appointed for the year ended 30 June, 2022. Based on suggestions of the Audit & Risk
Management Committee, the Board recommends the re-appointment of M/S. Hoda Vasi Chowdhury & Co., Chartered
Accountants as the statutory auditors of the Company for the year ended 30 June, 2022 and continuation up to the
next AGM at a fee of Tk. 110,000 (Taka one lac and ten thousand) only and requests the Shareholders to approve
the appointment.

Human Resource
The Exchange realizes that investment in human capital is investment for the future and increases the focus on
having the right investment in human capital to take people to the next level of competence. For this reason, the
Exchange continues to invest in training and development programs along with various HR initiatives. For service
providing companies, HR is the core material.

Strengthening Regulatory Function

As a self-regulatory organization, CSE is also the frontier regulator. Understandably concerns have been raised from
time to time about the possibility of conflicts between CSE’s commercial interests and its regulatory
responsibilities. We recognize that CSE can only be successful if we have the confidence and trust of investors and
listing companies. That is why in CSE we have a Conflict Mitigation Committee as one of the Board Committee. And
we will continue to be strict about keeping our regulatory departments separate from the commercial departments,
with separate performance criteria, and to pursue the highest regulatory standard possible.

Investors’ Service
Investor confidence is a fragile cornerstone of the Capital Market and it crumbles under the weight of uncertainty
and doubt. Investor confidence rests on integrity and trust and quality information to give predictive values to
investors. CSE, being a Self-Regulatory Organisation endeavors to promote and protect the interest of investors at 95
large. CSE has taken initiatives to provide service to the investors for timely and speedy resolution of complaints
of investors against the listed corporate entities and/or against TREC holders to enhance and maintain investors’
confidence in capital market.

Redressal of complaints of Investors

CSE redresses investor complaints against TREC or listed companies by taking prompt action upon receiving
complaints. The investors can lodge complaints directly with the exchange through email, physical document form
or through online e-complaint registration on CSE website. The complaints against TREC or listed companies are
redressed through conciliation process.
Strategic Investor
As per Exchanges Demutualization Act, 2013 of Bangladesh and Demutualization Scheme, CSE is looking for a
suitable strategic investor and partner to consorting with its internal strengths and recourses for the upcoming
development projects and bringing in new products and services of international standard to the capital market of
 Bangladesh. CSE has invited the Expression of Interest for the sale of 158,631,210 ordinary shares of BDT 10 each
being 25% of the shareholding of the Exchange as reserved for the Strategic Investor at a reasonable premium. CSE
has offered to and contacted a number of local and foreign institutions to become strategic investors by taking
shares of CSE. However, some local as well as foreign institutions have shown their interest and informed that they
are working with the CSE’s proposal. Meantime, Bangladesh Securities and Exchange Commission extended the
deadline to the CSE to find strategic investor to December 2022.

Looking Forward to Epitomize Further Growth

After years of uncertainty we are ready to travel a new route in 2021 by repositioning for growth. Succeeding in this
new era will likely require new models and new approaches. We are working on fixing aims and sharpening strategic
focus and concentrating efforts in areas where returns are most capital-efficient.
Continued product innovations shall remain the key to driving revenue growth in the competitive environment in the
years ahead. We want to offer the best experience to our investors through the introduction of new product and
innovative Value Added Services. We will continue our drive for re-build investors’ confidence and utmost
satisfaction on the capital market and at the same time we want to be the partner of progress in this country
through our contributions to the economy and society.
Risk management and compliance will likely continue to be at the top of our agendas. In particular, moving towards
comprehensive intra-day understanding of exposures and greater operational control in more technology-driven
environments (such as trading) will likely be a key goal. Better quantifying risk and reducing disruptive operational
failures can mean better integration, better governance mechanisms, and more robust data and analytics.

Acknowledgements
The Board of Directors would like to extend its foremost regards and appreciation to the valued Shareholders, TREC
holders and other Stakeholders of the company for their continued support and guidance to the company that led to
many achievements. The Board also recognizes that its journey to attainments during the period was possible
because of the cooperation, positive support, and guidance that it had received from the Government of Bangladesh,
particularly the Bangladesh Securities and Exchange Commission (BSEC), Central Depository Bangladesh Limited
(CDBL), Registrar of Joint Stock Companies and Firms (RJSC), National Board of Revenue (NBR), CSE’s bankers,
insurers & financial institutions, vendors, the Press and Media, Auditors, lawyers, business partners and all of our
employees. Accordingly, the Board offers its utmost gratitude to them. The Board would also like to thank each and
every investor for their continued support and for their preferred choices.
We also extend to the Management and Employees our warmest greetings and felicitation for being the essential
part of CSE during the year. It was your unrelenting commitment, dedication and diligence throughout the year that
led to the Company to perform in the market.
We are proud of you all and look forward to your continued support as we march ahead to take CSE further forward
96 as a competent transparent and vibrant market place.
On behalf of the Board of Directors

Asif Ibrahim
Chairman
 I TO R ’S
AU D

97
 Independent Auditor’s Report
To the Shareholders of CHITTAGONG STOCK EXCHANGE LIMITED
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of CHITTAGONG STOCK EXCHANGE LIMITED
(“the Company”), which comprise the financial position as at 30 June 2021, and statement of profit or loss and
other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies and other explanatory
information.

In our opinion, the accompanying financial statements give true and fair view, in all material respects, of the
financial position of the Company as at 30 June 2021, and its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the
Securities and Exchange Rules 1987, and other applicable laws and regulations.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in Bangladesh and we have fulfilled our other ethical
responsibilities in accordance with the these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Emphasis o f Matters
Without Qualifying our opinion
We draw attention to the note 32 to the financial statements relating to the short term investment in FDR
in International Leasing & Financial Services Ltd. (ILFSL ) total Tk.140,000,000 (Tk.20,000,000 matured
on 08.04.19, Tk.20,000,000 matured on 10.05.19, Tk.20,000,000 matured on 20.05.19, Tk.30,000,000
matured on 23.05.19, Tk.30,000,000 matured on 17.01.19, Tk.20,000,000 matured on 03.02.19) , Union
Capital Ltd.(UCAPL ) total Tk.89,500,000 (Tk.29,500,000 matured on 26.04.19, Tk.20,000,000 matured
on 26.04.19, Tk.30,000,000 matured on 23.05.19, Tk.10,000,000 matured on 03.06.19) , Prime Finance &
Investment Limited (PFIL) total TK. 27,500,000 matured on 04.04.20 and Premier Leasing & Finance
Limited (PLFL) total TK. 15,000,000 (TK. 10,000,000 matured on 28.09.19, TK. 5,000,000 matured on
22.11.19)
Upon maturity ILFSL, UCAPL, PFIL & PLFL management failed to honour the encashment of
respective FDRs. However UCAPL & PFIL paid TK. 5,00,000 as on 29.12.20 and 25,00,000 as on
10.09.20 as partial payment. No provision has been made in the accounts to cover any possible shortfall
in recovery from these frustrated investments.The Company officials reported that they are hopeful of
receiving fund & they are in constant touch with those four companies.

We also draw the attention to note 28.01 in respect of Tk 32,249,110 being interest accrued on investment
& already accounted for in the accounts during previous year but not received. No provision has been
made in the accounts to cover any short receipt/non receipt of accrued interest.
98 No entry was passed in the accounts in respect of accrued interest during the year under audit on account
of Tk.140,000,000 with ILFSL, Tk. 89,500,000 with UCAPL , TK. 27,500,000 with PFIL and TK.
15,000,000 with PLFL .Had the Company passed the entry for accrued interest the quantum of amount
would have stand at Tk.17,621,317.

Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with IFRSs, and for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing and the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

Report on other Legal and Regulatory Requirements

In accordance with the Companies Act 1994 and the Securities and Exchange Rules 1987, we also report the
following:
a) we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit and made due verification thereof;
b) in our opinion, proper books of accounts as required by law have been kept by the Company so far as it appeared 99
from our examination of these books;
c) the statements of financial position and profit or loss and other comprehensive income dealt with by the report
are in agreement with the books of accounts and returns; and.
d) the expenditure incurred was for the purpose of the company’s business.

Chattogram, 23 October 2021

DVC: 2110230137AS873939
 Chittagong Stock Exchange Limited
Statement of financial position
As at 30 June 2021

30 June 2021 30 June 2020

Note(s)
Taka Taka
Assets
Property, plant and equipment 22 1,519,070,613 1,527,560,555
Automation- Equipments 23 4,155,036 6,338,227
Automation- Intangible assets 23 113,423,461 137,126,193
Investment with CDBL 24 612,564,975 612,564,975
Investment In Zero Coupon Bond-Non-current portion 25 93,335,591 36,261,932
Investment In Central Counterparty Bangladesh Ltd. 26 600,000,000 600,000,000
Advance against Car Scheme (Long term) 30 1,775,000 3,525,000
Non-current assets 2,944,324,676 2,923,376,882

Trade receivables-clearing 27 127,297,915 20,143,475

Trade receivables-others 28 203,748,895 232,273,270
Advances, deposits and pre-payments 29 29,323,005 37,360,292
Advance Income Tax 31 114,117,283 144,491,921
Investment in FDRs 32 4,457,000,000 4,515,000,000
Investment In Zero Coupon Bond-Current portion 25 39,447,109 16,085,660
Cash and cash equivalents 33 231,623,314 136,554,029
Current assets 5,202,557,521 5,101,908,647
Total assets 8,146,882,197 8,025,285,529

Equity
Share capital 34 6,345,248,400 6,345,248,400
Provision for Settlement Guarantee Fund 21 596,523,757 525,029,203
Retained earnings 513,409,885 618,675,590
Total equity 7,455,182,042 7,488,953,193

Liabilities
Deferred tax liability 19.02 51,719,756 51,149,064
Gratuity payable 35 62,454,525 95,578,206
Non-current liabilities 114,174,281 146,727,270

Trade payables - clearing 36 226,485,087 50,526,138

Liabilities for expenses 37 37,408,395 25,470,459
Liabilities for other finance 38 100,756,719 81,397,107
Unclaimed Dividend 39 89,299,508 65,430,870
Liabilities for current tax 19.01 123,576,165 166,780,492
Current liabilities 577,525,874 389,605,066
Total liabilities 691,700,155 536,332,336
100 Total equity and liabilities 8,146,882,197 8,025,285,529
Net Asset Value (NAV) Per Share 20.02 11.75 11.80
The annexed notes from 1 to 45 are an integral part of these financial statements.
These financial statements should be read in conjucntion with the annexed notes
and were approved by the Board of Directors on
and were signed on its behalf by:

Director Director Managing Director Company Sceretary

Signed in terms of our separete report of even date annexed

Chattogram, 23 October 2021

DVC: 2110230137AS873939
 Chittagong Stock Exchange Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2021

30 June 2021 30 June 2020

Note(s)
Taka Taka
Continuing operations
Revenue
Capacity charge/ transaction income 6 81,244,231 61,608,144
Listing income 7 241,746,877 196,100,164
TREC renewal income 8 10,994,500 7,300,000
Service charge and commission 9 30,887,392 70,266,652
Trader certificate and renewal income 10 4,715,000 7,490,000
369,588,000 342,764,960
Less: Operating expenditures
Human Resource cost 11 130,152,245 130,076,422
Other operating expenses 12 52,918,797 48,872,225
Information technology and communication expenses 13 93,434,673 97,600,356
Educational activities and marketing expenses 14 5,452,941 2,050,010
281,958,656 278,599,013
Operating profit 87,629,344 64,165,947
Other Income 15 27,656,060 39,944,882
115,285,403 104,110,829
Finance Income 16 318,165,588 395,562,136
Less: Finance charges 17 3,559,915 2,908,353
Net Finance income 314,605,673 392,653,783
Net profit before charging Workers' Profit Participation 429,891,076 496,764,612
Fund and Workers' Welfare Fund
Less: Contribution to Workers' Profit Participation Fund and 18 21,494,554 24,838,231
Workers' Welfare Fund
Net profit before tax 408,396,522 471,926,381
Income tax expenses:
Current tax 19.01 124,334,561 166,803,760
Deferred tax expenses/(benefit) 19.02 570,692 (13,686,548)
Total income tax expenses/(benefits) 124,905,253 153,117,212
Net profit after tax 283,491,269 318,809,169
Other comprehensive income - -
Transferred to provision for Settlement Guarantee Fund 21.00 21,494,554 24,838,231
Total comprehensive income 261,996,715 293,970,938
Basic Earnings Per Share (EPS) 20.01 0.45 0.50
The annexed notes from 1 to 45 are an integral part of these financial statements.
These financial statements should be read in conjucntion with the annexed notes
101
and were approved by the Board of Directors on
and were signed on its behalf by:

Managing Director (Acting)

Chattogram, 23 October 2021

DVC: 2110230137AS873939
 Chittagong Stock Exchange Limited
Statement of changes in equity
For the year ended 30 June 2021
Amount in Taka
Provision for
Retained
Particular Share Capital Settlement Total
Earnings
Guarantee Fund

Balance as on 01 July 2019 6,345,248,400 450,190,972 691,967,072 7,487,406,444

5% dividend for the year ended 30 June 2019 (317,262,420) (317,262,420)
Net profit after tax - - 318,809,169 318,809,169
Initial contribution for the Settlement Guarantee - 50,000,000 (50,000,000) -
Fund of CSE
Regular contribution for the Settlement - 24,838,231 (24,838,231) -
Guarantee Fund of CSE
Balance as at 30 June 2020 6,345,248,400 525,029,203 618,675,590 7,488,953,193

Balance as on 01 July 2020 6,345,248,400 525,029,203 618,675,590 7,488,953,193

5% dividend for the year ended 30 June 2020 (317,262,420) (317,262,420)

Net profit after tax - - 283,491,269 283,491,269

Initial contribution for the Settlement Guarantee - 50,000,000 (50,000,000) -

Regular contribution for the Settlement - 21,494,554 (21,494,554) -

Balance as at 30 June 2021 6,345,248,400 596,523,757 513,409,885 7,455,182,042

The annexed notes from 1 to 45 are an integral part of these financial statements.
These financial statements should be read in conjucntion with the annexed notes
and were approved by the Board of Directors on
and were signed on its behalf by:

102

Managing Director (Acting)

 Chittagong Stock Exchange Limited
Statement of cash flows
For the year ended 30 June 2021

30 June 2021 30 June 2020

Note(s)
Taka Taka

A CASH FLOWS FROM OPERATING ACTIVITIES

Net profit before tax 408,396,522 471,926,381
Adjustment to reconcile net profit to net cash provided by
operating activities:
Depreciation and amortization 22 & 23 46,144,264 49,639,737
Gain on disposal of assets/obsolete items (1,227,635) (78,901)
Provision for gratuity 35 11,632,881 8,789,904
464,946,032 530,277,121
(Increase)/ decrease in current assets
Trade receivable - clearing 27 (107,154,440) 149,056,997
Trade receivable - others 28 28,524,374 40,208,202
Advances, deposits and pre-payments 29 8,037,288 393,299
Investment in FDRs 32 58,000,000 (55,000,000)
(12,592,778) 134,658,498
Increase/ (decrease) in current liabilities
Trade payable - clearing 36 175,958,949 (190,728,270)
Liabilities for expenses 37 11,937,936 2,979,579
Liabilities for other finance 38 19,359,612 (25,117,259)
207,256,497 (212,865,950)

659,609,752 (78,207,452)
Gratuity paid (44,756,562) (166,320)
Income tax paid (137,164,250) (185,285,392)
Net cash flows generated from operating activities 477,688,940 266,617,957

B CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of Property, plant and equipment (9,323,089) (961,600)
Incurred for automation (2,609,805) (3,168,517)
Advance against Car Scheme (Long term) 1,750,000 1,500,000
Investment In Zero Coupon Bond (80,435,108) 14,859,735
Disposal of assets/obsolete items 1,392,130 92,981
Net cash provided in investing activities (89,225,872) 12,322,599
C CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (293,393,783) (299,610,785)
Net cash used in financing activities (293,393,783) (299,610,785)

NET CASH FLOWS (A+B+C) 95,069,285 (20,670,229)

Cash and cash equivalents at opening
Cash and cash equivalents at closing
136,554,029
231,623,314
157,224,258
136,554,029
103
Net increase/(decrease) 95,069,285 (20,670,229)
Net Operating Cash Flow (NOCF) Per Share 20.03 0.75 0.42

The annexed notes from 1 to 45 are an integral part of these financial statements.
These financial statements should be read in conjucntion with the annexed notes
and were approved by the Board of Directors on
and were signed on its behalf by:

Managing Director (Acting)

 Chittagong Stock Exchange Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2021

1.00 Reporting entity

Legal form of the entity
Chittagong Stock Exchange Limited was formed and registered under the Companies Act, 1994
on 01 April 1995 as a Public Company Limited by guarantee. The Exchange was a non-profit
organization until 20 November 2013.
CSE became demutualized on 21 November 2013 under the Exchanges Demutualization Act, 2013 and
transformed into a Public Company Limited by shares (a for-profit company) accordingly.
Nature of Business
The principal activities of the Exchange are to conduct, regulate and control the trade or business of
buying, selling and dealing in shares, stocks, bonds, debentures, Government securities, loans and other
instruments and securities of like nature. It is engaged in disseminating information to the investors
through websites and publishing quarterly "Portfolio", monthly "Bazar Parikrama" and other
publications and organizing training programmes, seminars, workshops etc.. The Exchange is also
devoted to Research and Development activities relating to capital market and maintains its own Library,
Investors' Information Cell (IIC) and a Complain Cell.
2.00 Basis of preparation
2.01 Statement of compliance
These financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRSs) and applicable sections of Companies Act 1994, the Securities and Exchange Rules
1987 and other applicable laws in Bangladesh.
2.02 Regulatory Compliance
The company is required to comply with, amongst others, the following rules and regulations:
( i ) The Companies Act 1994
( ii ) The Income Tax Ordinance 1984
( iii ) The Income Tax Rules 1984
( iv ) The Value Added Tax Act 2012
( v ) The Value Added Tax Rules 2016
( vi ) The Securities and Exchange Ordinance 1969
(vii) The Securities and Exchange Commission Rules 1987
( viii ) The Exchanges Demutualization Act 2013
(ix) The Labour Act 2006(as amended in 2013)

104
2.03 Basis of measurement
These financial statements have been prepared on a going concern basis following accrual basis of
accounting under historical cost convention.
2.04 Reporting period
These financial statements of the company covers twelve months from 01 July 2020 to 30 June 2021.

2.05 Comparative Information

Comparative information has been disclosed in respect of 2019-20 in accordance with IAS-1:
Presentation of financial statements, for all numeric information in the financial statements and also the
narrative and descriptive information where it is relevant for understanding of the current period's
financial statements. Prior year's figures have been rearranged wherever considered necessary to ensure
comparability with the current period.
2.06 Going Concern
The Company has adequate resources to continue its operation for foreseeable future and hence, the
financial statements have been prepared on going concern basis. As per management assessment there are
no material uncertainties related to events or conditions which may cast significant doubt upon the
Company’s ability to continue as a going concern.
Details of the company's accounting policies are included in Note 45.

3.00 Functional and presentation currency

These financial statements are presented in BD Taka which is the company's functional currency. All
financial information presented in BD Taka has been rounded off to nearest Taka.
4.00 Use of estimates and judgments
The preparation of the Financial Statements in conformity with IAS and IFRS requires management to
make judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimates are revised and in any future periods
Judgements, Assumptions and estimation uncertainties
Information about judgements made in applying accounting policies and assumptions and estimation
uncertainties that have the most significant effects on the amounts recognized in the financial statements
is included in the following notes:

Note 22.00 Property, plant and equipment

Note 23.00 Intangible assets
Note 28.00 Trade receivables-others
Note 19.01 Current tax liability
Note 19.02 Deferred tax liability
Note 42.00 Contingent liabilities

105
5.00 Related party transactions
During the year, the company carried out a number of transactions with related parties in the normal course of business and
on arms' length basis. The name of these related parties, nature and volume of transactions have been set out below in
accordance with the provisions of IAS-24:

Name of Status in Nature of transactions Amount (Taka) Amount (Taka)

Directors CSE 30 June 2021 30 June 2020
Mr. Asif Ibrahim Chairman Expenditure:
Board meeting attendance fees (excluding 80,000 30,000
AIT & VAT)
Honorarium for article in CSE publication - 5,000

Maj Gen Former Expenditure:

Mohammad Chairman
Board meeting attendance fees (excluding - 60,000
Shamim
AIT & VAT)
Chowdhury, nwc,
psc (Retd.)
(Retired on
25.02.2020)
Mr. Sohail Director Expenditure:
Mohammed Board meeting attendance fees (excluding 80,000 30,000
Shakoor AIT & VAT)
Committee meeting attendance fees 20,000 10,000
(excluding AIT & VAT)
Mr. Md. Liaquat Director Expenditure:
Hossain Board meeting attendance fees (excluding 80,000 30,000
Chowdhury, AIT & VAT)
FCA, FCMA Committee meeting attendance fees 55,000 15,000
(excluding AIT & VAT)
Barrister Anita Director Expenditure:
Ghazi Islam Board meeting attendance fees (excluding 80,000 30,000
AIT & VAT)
Committee meeting attendance fees 65,000 20,000
(excluding AIT & VAT)
Mr. M. A. Malek Former Expenditure:
(Retired on Director Board meeting attendance fees (excluding 10,000 30,000
2.12.2020) AIT & VAT)
Committee meeting attendance fees 20,000 25,000
106 (excluding AIT & VAT)
Prof. Mamtaz Former Expenditure:
Uddin Ahmed, Director Board meeting attendance fees (excluding - 40,000
FCMA AIT & VAT)
(Retired on Committee meeting attendance fees - 15,000
29.12.2019) (excluding AIT & VAT)
 Name of Status in Nature of transactions Amount (Taka) Amount (Taka)
Directors CSE 30 June 2021 30 June 2020
Professor Dr. Former Expenditure:
Mohammad Director Board meeting attendance fees (excluding - 60,000
Ayub Islam AIT & VAT)
(Retired on
Committee meeting attendance fees - 40,000
25.02.2020)
(excluding AIT & VAT)
Dr. Moinul Islam Former Expenditure:
Mahmud Director Board meeting attendance fees (excluding - 50,000
(Retired on AIT & VAT)
25.02.2020) Committee meeting attendance fees - 45,000
(excluding AIT & VAT)
Mr. Pradip Paul, Former Expenditure:
FCMA, FCA Director Board meeting attendance fees (excluding AIT - 40,000
(Retired on & VAT)
25.02.2020)
Committee meeting attendance fees - 10,000
(excluding AIT & VAT)
Prof. S. M. Director Expenditure:
Salamat Ullah Board meeting attendance fees (excluding AIT 80,000 90,000
Bhuiyan & VAT)
Committee meeting attendance fees 65,000 60,000
(excluding AIT & VAT)
Mr. S.M. Abu Director Expenditure:
Tayyab Board meeting attendance fees (excluding AIT 70,000 50,000
& VAT)
Committee meeting attendance fees 50,000 20,000
(excluding AIT & VAT)
Mr. Sayed Director Expenditure:
Mohammed Board meeting attendance fees (excluding AIT 20,000 -
Tanvir (from & VAT)
7.2.2021) Committee meeting attendance fees 30,000 -
(excluding AIT & VAT)
Mr. Mirza Former Revenue:
Salman Ispahani Director Turnover - 107,244,734
(Retired on CSE Commission - 24,667
12.11.2020) Capacity Charge (out of Tk 400,000) - 375,333
TREC Renewal income - 50,000
Expenditure:
Board meeting attendance fees (excluding AIT - 40,000 107
& VAT)
Committee meeting attendance fees - 15,000
(excluding AIT & VAT)
Office Tea Expenses - 83,472
Assets: -
Receivable against Capacity Charge - 138,652
Receivable against TREC Renewal income - 50,000
Major (Retd.) Director Revenue:
Emdadul Islam Turnover 338,171,776 69,384,961
CSE Commission 77,782 15,959
Capacity Charge (20-21: out of Tk 500,000; 422,218 384,041
19-20: out of Tk 400,000)
TREC Renewal income 100,000 50,000
 Name of Status in Nature of transactions Amount (Taka) Amount (Taka)
Directors CSE 30 June 2021 30 June 2020
Major (Retd.) Expenditure:
Emdadul Islam Board meeting attendance fees (excluding AIT 70,000 90,000
& VAT)
Committee meeting attendance fees 20,000 35,000
(excluding AIT & VAT)
Assets:
Receivable against Capacity Charge 201,920 146,852
Receivable against TREC Renewal income 50,000
Liabilities:
Payable against trade 228,396 62,497
Mr. Shahjada Former Revenue:
Mahmud Director Turnover - 43,982,985
Chaudhuri CSE Commission - 10,116
(Retired on Capacity Charge (out of Tk 400,000) - 389,884
12.11.2020)
TREC Renewal income - 50,000
Expenditure:
Board meeting attendance fees (excluding AIT 20,000 60,000
& VAT)
Committee meeting attendance fees 5,000 15,000
(excluding AIT & VAT)
Assets:
Receivable against TREC Renewal income - 50,000
Receivable against Capacity Charge - 146,206
Liabilities:
Payable against trade - 56,508
Mr. Mohammed Director Revenue:
Mohiuddin, Turnover 6,006,820,470 -
FCMA (from CSE Commission 1,371,145 -
12.11.2020) TREC Renewal income 100,000 -
Expenditure:
Board meeting attendance fees (excluding AIT 60,000 -
& VAT)
Committee meeting attendance fees 15,000 -
(excluding AIT & VAT)
Assets:
Receivable against trade 6,084,410 -
Liabilities:

108 Payable against Capacity Charge

Payable against trade
371,145
6,959,835
-
-
Mr. Md. Siddiqur Director Revenue:
Rahman (from Turnover 3,535,840,316 -
12.11.2020) CSE Commission 813,483 -
Rental Income 667,800
TREC Renewal income 100,000 -
Expenditure:
Board meeting attendance fees (excluding AIT 60,000 -
& VAT)
Committee meeting attendance fees 15,000 -
(excluding AIT & VAT)
Assets:
Receivable against trade 636,098 -
Liabilities:
Payable against trade 7,670,873 -
 Name of Status in Amount (Taka) Amount (Taka)
Nature of transactions
Directors CSE 30 June 2021 30 June 2020
Mr. Md. Sayadur Director Revenue:
Rahman Turnover 9,093,321,120 2,348,817,200
CSE Commission 1,455,477 349,410
Capacity Charge (out of Tk 400,000) - 50,590
TREC Renewal income 100,000 50,000
Expenditure:
Board meeting attendance fees (excluding AIT 80,000 90,000
& VAT)
Committee meeting attendance fees 20,000 10,000
(excluding AIT & VAT)
Assets:
Receivable against Capacity Charge - 50,590
Receivable against trade 14,221,296 276,071
Receivable against TREC Renewal income - 50,000
Liabilities:
Payable against trade 41,969 3,400,260
Payable against Capacity Charge 479,617 -

109
 30 June 2021 30 June 2020
Taka Taka
6.00 Capacity charge/ transaction income

Capacity charge 39,500,972 46,141,331

CSE commission 41,291,762 14,853,709
Fees against Gift of Share 451,497 613,104
81,244,231 61,608,144

7.00 Listing income

Annual Listing 155,253,068 135,034,851

Initial Listing 82,693,809 59,765,313
IPO Application Data Transmission Income 2,800,000 600,000
Draft Prospectus Scrutiny Income 1,000,000 700,000
241,746,877 196,100,164

8.00 TREC renewal income

TREC renewal income 10,950,000 7,300,000

Fine for delay payment of TREC renewal income 44,500 -
10,994,500 7,300,000
Per TREC renewal income is increased from Tk 50,000 to Tk 100,000

9.00 Service charge and commission

Note(s)
Depository participant income 9.01 1,433,601 483,985
Regulatory, data broadcasting and others 332,500 585,000
ESS Operation (Book building system) 9.02 28,096,291 69,197,667
TREC transfer income/ Income from name change of TREC 125,000 -
New TREC application income 2,700,000 -
API application income 200,000 -
32,887,392 70,266,652
Less :Payment of Penalty realized from Jalalabad 9.03 2,000,000 -
Securities to Bangladesh Securities and Exchange
Commission (BSEC)
30,887,392 70,266,652

9.01 Depository participant income

Beneficiary Owner (B.O.) Account opening fee 57,650 3,750

Transaction & De-mat fee 831,411 316,165
Account maintenance fee 654,100 286,900
Other income 5,440 1,170
1,548,601 607,985
D.P expenses (115,000) (124,000)
1,433,601 483,985

110 9.02 Surplus from ESS operation is recognized in the accounts on collection basis which covers 35% profit of CSE's
share from Dhaka Stock Exchange Ltd (DSE) against ESS operation. During the year total Tk. 26,962,526 was
remitted on 20.06.21 for the year ended 30 June 2019 & 2020.

9.03 During the year with the approval of the Board, penalty realized from Jalalabad Securities Ltd (JSL) during 2018
was paid to Bangladesh Securities and Exchange Commission (BSEC).

10.00 Trader certificate and renewal income

Traders' Certificate income @ Tk. 10,000 750,000 440,000

Traders' Certificate renewal income @ Tk. 5,000 3,965,000 7,050,000
4,715,000 7,490,000

11.00 Human resource cost

Note(s)
Key Management's Compensation Packages 11.01 9,107,504 5,891,121
Other Management's Compensation Packages 11.02 119,645,808 122,680,803
Director Fees and Expenses 11.03 1,398,933 1,504,498
130,152,245 130,076,422
 30 June 2021 30 June 2020
Taka Taka
11.01 Key Management's Compensation Packages
MD's compensation package

Basic salary 2,640,000 1,077,241

Allowances 2,684,800 1,115,845
Bonus 440,000 220,002
5,764,800 2,413,088
CRO's compensation package
Basic salary 1,194,516 1,320,000
Allowances 1,938,188 1,938,033
Bonus 210,000 220,000
3,342,704 3,478,033
9,107,504 5,891,121

11.02 Other Management's Compensation Packages

Salaries and allowances 97,389,729 103,237,961
Gratuity 11,593,832 8,750,856
Bonus 6,314,610 6,420,751
Provident Fund Contribution 3,805,369 3,835,773
Medical expenses 542,268 435,462
119,645,808 122,680,803

11.03 Director Fees and Expenses

Note(s)
Board meeting 11.03.01 972,797 1,128,831
Committee meeting 11.03.02 426,136 375,667
1,398,933 1,504,498

Each director is paid Tk. 10,000 per board meeting per attendance and Tk 5,000 per committee meeting
per attendance (excluding VAT & AIT).
11.03.01 Board meeting
Board attendance fees 941,094 1,014,426
Meeting expenses 31,703 114,405
972,797 1,128,831

11.03.02 Committee meeting

Attendance fees 422,256 372,252
Meeting expenses 3,880 3,415
426,136 375,667

12.00 Other Operating Expenses

Note(s)
Office general expenses 12.01 23,284,760 21,884,961
Electricity, fuel and water 12.02 6,157,299 5,285,008
Travelling, accommodation and conveyance
Insurance premium
12.03
12.04
2,051,662
2,166,539
2,297,238
1,918,074
111
Office Rent - Dhaka Office at Nikinja 1,610,000 -
Depreciation on Property, plant and equipments 22.00 17,648,537 17,486,944
52,918,797 48,872,225
 30 June 2021 30 June 2020
Taka Taka
12.01 Office general expenses
Note(s)
Transportation expenses 4,961,515 5,060,048
Security and cleaning services 4,411,455 4,445,161
Repairs and maintenance 1,631,283 1,275,768
AGM, TREC Holders' meeting and others 12.01.01 1,523,174 1,194,579
Subscriptions 12.01.02 847,017 498,258
Legal and professional expenses 12.01.03 543,225 904,575
Rates and taxes 12.01.04 663,846 636,774
Vehicle expenses 1,562,484 953,076
Office expenses 671,519 569,856
Audit fee 126,500 135,900
Periodicals and newspapers 89,477 85,446
Advertisement and development 928,945 531,982
Repair of NGTS equipment 251,675 90,000
CSR Activity 12.01.05 2,798,664 5,362,170
Picnic expenses 2,273,981 -
Spare parts for lift at Eunoos Trade Center - 141,368
23,284,760 21,884,961

12.01.01 AGM, TREC Holders' meeting and others

Guest and visitors expenses 1,193,016 716,110
Refreshment expenses for various marketing purposes 5,810 2,120
Expenses for Journalists 53,350 68,613
Annual General Meeting 270,998 329,523
TREC Holders' meeting - 74,595
Refreshment expenses for foreign delegates - 3,618
1,523,174 1,194,579

12.01.02 Subscriptions

World Federation of Exchanges (2021: GBP 10,000 p.a.; 2020: GBP 828,217 474,958
4,180 p.a.)
Chittagong Club Limited 18,000 22,500
Chittagong Chamber of Commerce and Industry 800 800
847,017 498,258

12.01.03 Legal and professional expenses

Income Tax consultancy - Rahman Rahman Huq 155,250 155,250

Other Legal & Professional Fee 11,450 8,050
Tanjib Alam & Associates for opinion on creation of lien on the shares of 92,000 -
CSE

112 Mr. M. Qumrul Haque Siddique for opinion on the draft "Securitties and
Exchange Law, 2020.
200,000 -

Saif Kashem and Co. for approval of CSE Employees Gratuity Fund 63,250 -
Audit fee of CSE Employees Provident Fund - Hoda Vasi Chowdhury & 11,500 11,500
Co.
Audit fee of CSE Workers' Profit Participation Fund and Walfare Fund 9,775 9,775
2020-21: Hoda Vasi Chowdhury & Co.; 2019-20: Rahman Rahman Huq
Professional fee for proposed CSE Tower Project - 720,000
543,225 904,575
 30 June 2021 30 June 2020
Taka Taka
12.01.04 Rates and taxes
Registration fee of vehicles 88,607 78,646
Holding tax 490,147 492,058
Land development tax 54,032 39,900
Trade License 19,500 19,500
DP License 4,600 4,600
Filing fee of various return to RJSC 6,960 2,070
663,846 636,774

12.01.05 CSR Activity

Donation of HFNC to Chittagong Medical College 1,291,614 -

Donation to COVID 19 affected execuitive of CSE 1,000,000 -
Capital Market Journalists Forum to set up office premises 500,000 -
Donation to Prime Minister's Relief and Welfare Fund - 2,000,000
Commodity distribution during Covid 19 7,050 1,152,170
Donation of Hemodialysis machine to Kidney - 2,210,000
Foundation at Chattogram
2,798,664 5,362,170
12.02 Electricity, fuel and water
Electricity 5,370,795 4,466,608
Water 464,154 583,364
Diesel (HSD) for Generator 301,260 214,880
Gas 21,090 20,156
6,157,299 5,285,008

12.03 Travelling, accommodation and conveyance

Travelling and accommodation-Directors
Local travel 375,546 526,569
Foreign travel 29,050 -
Travelling and accommodation-Executives
Local travel 1,226,720 1,572,183
Conveyance 420,346 198,486
2,051,662 2,297,238
12.04 Insurance premium
Employees 897,582 961,287
Property 1,268,957 956,787
2,166,539 1,918,074

13.00 Information technology and communication expenses

Note(s)
Annual Maintenance Charge 13.01 59,400,373 59,762,193 113
Communication Expenses 13.02 5,538,572 5,685,370
Depreciation/amortization on Automation 23.00 28,495,728 32,152,792
93,434,673 97,600,356
 30 June 2021 30 June 2020
Taka Taka
13.01 Annual Maintenance Charge
NGTS: Millennium IT Software Ltd. 27,910,057 27,870,248
NGTS: Intellect Design Arena Ltd. (Former Polaris Financial Technology 9,904,348 10,308,807
Ltd.)
Middleware: IndigoTx Software Pvt. Ltd. 2,806,510 2,709,239
Oracle: Intellect Design Arena Pte Ltd. (Former: Polaris Software Lab 17,123,585 16,689,820
Ltd.)
CSE Shariah Index & Benchmark Index: NSE Indices Ltd. (Former India 1,435,909 1,445,282
Index Services Products Ltd.)
Software Tools-Developer Express Inc. 219,964 -
VRTS License: Exprezer Infotech - 738,797
59,400,373 59,762,193

13.02 Communication Expenses

Note(s)
DDN Line Rent and Data Communication 13.02.01 2,544,198 2,861,618
Fax and Telephone 1,522,521 1,563,740
Postage and Courier 796,504 587,889
Website maintenance & hosting charge 652,666 646,341
E- Mail System 16,608 25,782
Online meeting platform through Zoom 6,075 -
5,538,572 5,685,370

13.02.01 DDN Line Rent and Data Communication

BTCL 15,120 15,120
Link 3 Technologies Ltd. 542,591 783,936
Agni Systems Ltd. 579,600 579,600
Drik ICT Ltd. 136,956 163,034
Fiber @ Home Ltd. 1,090,740 1,211,928
Telnet Communication Ltd 167,516 108,000
Sylhet Communication Systems Ltd 11,675 -
2,544,198 2,861,618

14.00 Educational activities and marketing expenses

Publications and stationery 14.01 2,635,982 763,320
Seminar & workshop, Promotion and Training 14.02 2,816,959 1,286,690
5,452,941 2,050,010

14.01 Publications and stationery

Publications:
Portfolio 507,804 692,060
Bazar Parikrama 2,124,732 1,765,694
2,632,536 2,457,754
Advertisement income (1,931,580) (2,969,580)
114 Sale of publication (2,160)
698,796
(1,750)
(513,576)
Stationery:
General stationery 1,148,293 589,973
Computer stationery 672,373 485,987
Printing of Annual Report 116,520 200,936
1,937,186 1,276,896
2,635,982 763,320

14.02 Seminar & workshop, Promotion and Training

Note(s)
Seminar and workshop expenses 14.02.01 170,348 289,954
Promotional expenses 14.02.02 2,592,611 899,190
Training - Local 54,000 97,546
2,816,959 1,286,690
 30 June 2021 30 June 2020
Taka Taka

14.02.01 Seminar and workshop expenses

Meeting with TREC Holders, Merchant Banks, Asset Management 123,832 29,814
Company and other marketing expenses.
Training program for different stakeholders on financial statement (89,173) 93,077
analysis, fundamental and technical analysis, IAS, IFRS, Clearing-
settlement and DP service.
Awareness program for Compliance Authority 18,500 11,000
Training and awareness program on ITS,Global Work Station 4,380 10,425
Celebration of World Investors Week 23,990 4,698
Press conference on national budget 3,000 -
Financial Literacy Programme 6,313 -
Traders /AR Training Programme 79,506 -
Training on Innovation Programe - 77,918
Training on Bond/Govt Securities - 51,242
Training Program / Conference on Anti Money Laundering - 11,780
170,348 289,954

14.02.02 Promotional Expenses

Diary 591,740 552,000

Crests 65,000 39,400
Sponsorship expenses 135,700 75,000
Celebration of Mujib 100 Year Birth Centenary 185,635 232,790
Refund of Commission and Contract charge 1,290,658 -
Refund of Initial Listing Income in the SME Platform 263,750 -
Celebration of 25 years of CSE 60,128 -
2,592,611 899,190

15.00 Other income

Note(s)
Dividend of CDBL 20,418,833 34,031,388
Rental Income 15.01 5,973,397 5,057,248
Disposal of assets/obsolate items 1,227,635 78,901
Income from forfeited amount of Provident fund 36,195 777,345
27,656,060 39,944,882
15.01 Rental Income

Sylhet office rent 856,400 828,800

Dhaka office rent 6,105,257 4,474,708
Conference Hall and Space rent - 742,000
6,961,657 6,045,508
Less: Service charges (988,260)
5,973,397
(988,260)
5,057,248
115
 30 June 2021 30 June 2020
Taka Taka
16.00 Finance income
Interest on bank deposits/FDRs 313,892,374 390,922,550
Interest on Zero Coupon Bond 4,273,214 4,639,586
318,165,588 395,562,136

17.00 Finance charges

Charges for P.O/D.D/T.T 35,572 38,053
Excise duty 3,524,343 2,870,300
3,559,915 2,908,353

18.00 Workers' Profit Participation Fund and Workers' Welfare Fund

Contribution to Workers' Profit Participation and Welfare Fund 21,494,554 24,838,231

Provision for Workers' Profit Participation Fund and Workers' Welfare Fund is made @ 5% of net profit as per
provision of the Bangladesh Labor Act 2006 in line with changes in the Act in July 2013.

19.00 Income taxes

19.01 Liabilities for current tax
Opening balance 166,780,492 161,275,409
Provided during the year
Current year 123,576,165 166,780,492
Prior year 758,396 23,268
124,334,561 166,803,760
Payment of tax (167,538,888) (161,298,677)
Closing balance 123,576,165 166,780,492

19.02 Deferred tax liability:

Opening balance 51,149,064 64,835,612
Adjusted against temporary difference (11,755,867) (13,057,749)
of PPE and intangible assets
Adjusted for temporary difference of gratuity 12,326,559 (628,799)
Net deferred tax benefit 570,692 (13,686,548)
Closing balance of Deferred tax liability 51,719,756 51,149,064

Deferred tax liability/ (asset)

Reconciliation of deferred tax liability as on 30 June 2021 In Taka
Applicable Carrying Temporary Deferred tax
Tax base
rate amount difference liability/ (asset)

Automation & PPE 30% 425,342,529 190,488,816 234,853,713 70,456,114

(except land)
Liability for gratuity 30% 62,454,525 - (62,454,525) (18,736,358)
Deferred tax liability as on 30 June 2021 51,719,756

Reconciliation of deferred tax liability as on 30 June 2020 In Taka

116 Applicable Carrying
Tax base
Temporary Deferred tax
rate amount difference liability/ (asset)
Automation & PPE 32.50% 459,215,550 206,255,610 252,959,940 82,211,981
(except land)
Liability for gratuity 32.50% 95,578,206 - (95,578,206) (31,062,917)
Deferred tax liability as on 30 June 2020 51,149,064
 30 June 2021 30 June 2020
Taka Taka

20.00 Information Based on Per Share

20.01 Basic Earnings Per Share (EPS)

Profit attributable to ordinary shareholders 283,491,269 318,809,169
Weighted average number of shares (Nos.) 634,524,840 634,524,840
Basic earnings per share 0.45 0.50

20.02 Net Asset Value (NAV) Per Share

Total Assets 8,146,882,197 8,025,285,529
Less: Liabilities 691,700,155 536,332,336
Net Asset Value (NAV) 7,455,182,042 7,488,953,193
Weighted average number of shares (Nos.) 634,524,840 634,524,840
Net Asset Value (NAV) Per Share 11.75 11.80

20.03 Net Operating Cash Flow (NOCF) Per Share

Net operating cash flows 477,688,940 266,617,957
Weighted average number of shares (Nos.) 634,524,840 634,524,840

Net Operating Cash Flow Per Share 0.75 0.42

21.00 Provision for settlement guarantee fund of CSE

As per CSE Demutualization Scheme and Chittagong Stock Exchange (Settlement Guarantee Fund) Regulations, 2013,
Chittagong Stock Exchange Limited is required to contribute Tk. 500 million as initial contribution and 5% of annual
net profit of the exchange as regular contribution to the fund. The Regulation was published in the Bangladesh Gazette
on 06 April 2014 retrospective with effect from demutualization date i.e. 21 November 2013.
The Board has decided to settle initial contribution of Tk. 500 million in 10 equal yearly installments of Tk. 50 million
each. The Board has also decided that balance in the retained earnings against pre-demutualized period amounting to
Tk. 225,341,287 will be utilized first for this initial contribution.
Contribution
Initial Regular Total
July'19 - June'20
Opening balance 325,000,000 125,190,972 450,190,972
Transfer of initial contribution during the year 50,000,000 - 50,000,000
Transfer of regular contribution during the period from - 24,838,231 24,838,231
net profits of 30 June 2020
Closing balance as at 30 June 2020 375,000,000 150,029,203 525,029,203

July'20 - June'21
Opening balance 375,000,000 150,029,203 525,029,203
Transfer of initial contribution during the year
Transfer of regular contribution during the period from
50,000,000
-
-
21,494,554
50,000,000
21,494,554 117
Closing balance as at 30 June 2021 425,000,000 171,523,757 596,523,757
 118
22.00 Property, plant and equipment-Revaluation model
COST/REVALUATION ACCUMULATED DEPRECIATION
Carrying amount
Particulars Additions Charged for
At 1st July 2020 Disposal At 30 June 2021 At 1st July 2020 Adjustment At 30 June 2021 at 30 June 2021
the year

Freehold Land 1,168,313,306 1,168,313,306 - - - 1,168,313,306

Leasehold Land 47,141,741 47,141,741 3,645,630 502,845 4,148,475 42,993,266
Building 410,263,287 410,263,287 99,337,046 14,359,215 113,696,261 296,567,026
Furniture and Fixture 16,600,320 619,680 2,878,798 14,341,202 16,215,251 249,960 2,869,627 13,595,584 745,618
Air Conditioner 12,557,690 1,171,821 3,065,600 10,663,911 12,199,828 307,135 3,065,600 9,441,363 1,222,548
Electrical Installation (Generator) 7,821,170 1,225,315 9,046,485 7,821,170 61,266 7,882,436 1,164,049
Electrical Installation (Sub-station) 1,492,174 1,492,174 1,492,173 - 1,492,173 1
Electrical Fittings 9,519,765 351,154 199,272 9,671,647 9,515,209 26,290 199,272 9,342,227 329,420
Fire Alarm & Access Control System 6,035,763 678,365 139,450 6,574,678 4,717,294 443,676 139,450 5,021,520 1,553,158

Vehicle 14,004,838 4,470,200 18,475,038 14,004,838 818,942 14,823,780 3,651,258

Computers 21,234,713 296,132 2,215,700 19,315,145 19,941,349 390,563 2,215,700 18,116,212 1,198,933
Books 218,645 218,645 214,666 3,979 218,645 -
Office Equipment 7,599,992 92,109 614,075 7,078,026 7,299,260 116,228 614,075 6,801,413 276,613
Other Equipment 1,053,811 91,125 72,500 1,072,436 936,651 59,351 72,500 923,502 148,934
Office Renovation 9,319,138 327,188 561,720 9,084,606 8,275,433 309,087 406,397 8,178,123 906,483
Total 1,733,176,353 9,323,089 9,747,115 1,732,752,327 205,615,799 17,648,537 9,582,621 213,681,715 1,519,070,613

Total 30 June 2020 1,732,302,253 961,600 87,500 1,733,176,353 188,216,354 17,486,944 87,500 205,615,798 1,527,560,555

Description of Revaluation:
In order to ensure transparency in the operations of CSE , the government passed an act under the name and style of The Exchanges Demutualization Act 2013 under which it was required to revalue
all its assets and liabilities at 31 March 2013 with the ultimate objective of separating management from policy making function while turning CSE into a profit making public limited company.

The purpose of the valuation engagement was to arrive at a fair market value of Company’s assets and liabilities at 31 March, 2013 for the purpose of demutualization and Hoda Vasi Chowdhury &
Co., Chartered Accountants was engaged by CSE. Hoda Vasi Chowdhury & Co., Chartered Accountants have engaged a reputed engineering and survey firm named ‘PRONOYON’ located in
Chittagong as valuers for valuation of land and buildings. Replacement cost and market price method, wherever applicable, have been used by the independent valuer for re-valuation of property, plant
and equipment.
As at 31 March 2013 Taka
Revalued amount 1,633,587,725
Value as per audited financial statement 281,574,157
Revalued surplus amount 1,352,013,568
22.01 Property, plant and equipment
As per the provisions of the Exchanges Demutualization Act 2013, assets of the company were revalued in the year 2013. Had there been no revaluation, the value of assets would
have been as follows:
Cost Model:

COST DEPRECIATION Carrying

Particulars At 1st July At 30 June At 1st July Charged for At 30 June amount at 30
Additions Disposal Adjustment
2020 2021 2020 the year 2021 June 2021
Freehold Land 125,896,913 - - 125,896,913 - - - - 125,896,913
Leasehold Land 16,060,592 - - 16,060,592 2,070,872 171,848 - 2,242,720 13,817,872
Building 165,260,467 - - 165,260,467 67,424,452 5,784,116 - 73,208,568 92,051,899
Furniture and Fixture 16,600,320 619,680 2,878,798 14,341,202 16,215,251 249,960 2,869,627 13,595,584 745,618
Air Conditioner 12,557,690 1,171,821 3,065,600 10,663,911 12,199,829 307,135 3,065,600 9,441,364 1,222,547
Electrical Installation (Generator) 7,821,170 1,225,315 9,046,485 7,821,170 61,266 - 7,882,436 1,164,049
Electrical Installation (Sub-station) 1,492,174 1,492,174 1,492,173 1,492,173 1
- -
Electrical Fittings 9,519,765 351,154 199,272 9,671,647 9,515,209 26,290 199,272 9,342,227 329,420
Fire Alarm & Access Control 6,035,763 678,365 139,450 6,574,678 4,717,294 443,676 139,450 5,021,520 1,553,158
System
Vehicle 14,004,838 4,470,200 18,475,038 14,004,838 818,942 - 14,823,780 3,651,258
Computers 21,234,713 296,132 2,215,700 19,315,145 19,941,349 390,563 2,215,700 18,116,212 1,198,933
Books 218,645 218,645 214,666 3,979 - 218,645 -
Office Equipment 7,599,992 92,109 614,075 7,078,026 7,299,260 116,228 614,075 6,801,413 276,613
Other Equipment 1,053,811 91,125 72,500 1,072,436 936,651 59,351 72,500 923,502 148,934
Office Renovation 9,319,138 327,188 561,720 9,084,606 8,275,433 309,087 406,397 8,178,123 906,483
Total as on 30 June 2021 414,675,991 9,323,089 9,747,115 414,251,965 172,131,238 8,742,440 9,582,621 171,291,058 242,960,908

Total 30 June 2020 413,801,891 961,600 87,500 414,675,991 163,637,890 8,580,848 87,500 172,131,238 242,544,753

119
 120
23.00 Automation-Intangible assets and equipments
C O S T DEPRECIATION / AMORTIZATION
Carrying
Additions Disposal
Particulars At 30 June At 1st July Charged for Adjustment At 30 June amount at 30
At 1st July 2020 during the during the
2021 2020 the year for the year 2021 June 2021
year year
A. Intangible assets
Consultancy 1,638,801 - - 1,638,801 1,638,801 - - 1,638,801 -
Software:
Next Generation Trading System 344,760,551 - - 344,760,551 209,172,294 22,983,462 - 232,155,756 112,604,795
(NGTS)
CSE Shariah and Benchmark Index 1,705,826 - - 1,705,826 1,705,826 - - 1,705,826 -
Accounting information system 60,000 - - 60,000 60,000 - - 60,000 -
Microsoft Software License 3,686,019 - - 3,686,019 2,148,083 719,270 - 2,867,353 818,666
Total intangible assets on 30 June 2021 351,851,197 - - 351,851,197 214,725,004 23,702,732 - 238,427,736 113,423,461
Total intangible assets on 30 June 2020 349,197,680 2,653,517 - 351,851,197 191,063,303 23,661,701 - 214,725,004 137,126,193
B. Equipments
Network 31,521,078 31,521,078 31,521,078 31,521,078 -
Trading System 32,026,845 32,026,845 32,026,845 32,026,845 -
Fiber Optics Laying 2,036,480 2,036,480 2,036,480 2,036,480 -
Telecommunication 180,000 180,000 180,000 180,000 -
Network 34,202,255 34,202,255 34,122,486 79,768 34,202,254 1
Trading System 21,764,616 21,764,616 21,764,615 21,764,615 1
Next Generation Trading System 76,926,916 1,427,505 78,354,421 71,216,378 4,222,733 75,439,111 2,915,310
(NGTS)
Telecommunication 5,786,447 5,786,447 5,786,447 5,786,447 -
Server 12,839,731 1,182,300 14,022,031 12,291,817 490,495 12,782,312 1,239,719
Fiber Optics 2,746,642 2,746,642 2,746,640 2,746,640 2
Trading Equipment 1,413,822 1,413,822 1,413,822 1,413,822 -
Net Infinite Server (ITS) 938,000 938,000 938,000 938,000 -
Accessories (Local) 1,961,663 1,961,663 1,961,660 1,961,660 3
Mux Equipment 149,044 149,044 149,044 149,044 -
Total Equipments on 30 June 2021 224,493,539 2,609,805 - 227,103,344 218,155,312 4,792,996 - 222,948,308 4,155,036
Total Equipments on 30 June 2020 224,119,339 515,000 140,800 224,493,539 209,790,940 8,491,092 126,720 218,155,312 6,338,227
Total Automation on 30 June 2021 576,344,736 2,609,805 - 578,954,541 432,880,316 28,495,728 - 461,376,044 117,578,497
Total Automation on 30 June 2020 573,317,019 3,168,517 140,800 576,344,736 400,854,243 32,152,792 126,720 432,880,315 143,464,421
 30 June 2021 30 June 2020
Taka Taka
24.00 Investment with CDBL
13,612,555 shares (Revalued @ Tk 45 per share to arrive at fair 612,564,975 612,564,975
value as required by the Exchanges Demutualization Act 2013)

Closing balance 612,564,975 612,564,975

Assets earning ratio method has been used by the valuer in estimating the fair value of investment in CDBL.

25.00 Investment In Zero Coupon Bond

Recoverable within 1 year 39,447,109 16,085,660
Recoverable after 1 year 93,335,591 36,261,932
132,782,700 52,347,592
CSE has invested in IPDC and IDLC Zerocoupon Bond details of which are as follows:
Particulars IPDC Zero Coupon Bond IDLC Zero Coupon Bond
Issuer IPDC Finance Limited IDLC Finance Limited
Issue date 31 January 2018 06 May 2021
Denomination of face value of Denomination of face value of
Face value of each bond
each bond is BDT 1,000,000. each bond is BDT 625,000.
Discount range 8% to 8.25% p.a. 6% p.a.
From 6 months to 5 years from From 6 months to 4 years from
Tenure and redemption
the issue date . the issue date .
Company subscribed in 100 Company subscribed in 176
Subscription
nos. for Tk. 80,934,567. nos. for Tk. 96,520,768.
Transferability Transferable as per agreement. Transferable as per agreement.
Bonds within a bundle shall be Bonds within a bundle shall be
Redemption redeemed equally over five (5) redeemed equally over four (4)
years on semi-annual basis. years on semi-annual basis.
Effective interest rate (EIR) EIR is 8.087% per annum. EIR is 6.00% per annum.
Amount remain after redemption Tk. 36,261,932 Tk. 96,520,768

26.00 Investment In CCBL (Central Counterparty Bangladesh Limited)

60,000,000 shares @ Tk 10 each (20% of paid up capital of 30 600,000,000 600,000,000
crore shares of CCBL)
600,000,000 600,000,000

27.00 Trade receivables-clearing

Receivables against trade 127,297,915 20,143,475
127,297,915 20,143,475

This represents amount receivable from CSE TREC Holders arising from transactions on 30.06.2021. The amount was fully
realized after the reporting date. 121
28.00 Trade receivables-others
Accrued interest on FDR 28.01 110,290,192 159,434,084
Other receivables 28.02 93,458,703 72,839,186
203,748,895 232,273,270

28.01 This include Taka 32,249,110 from International Leasing and Financial Services Ltd., Union Capital Ltd. and Prime Finance
& Investment Ltd. on matured TDRs yet to be received.
 30 June 2021 30 June 2020
Taka Taka
28.02 Other receivables
Receivable against capacity charge 28.02.01 28,815,803 20,700,193
Receivable against listing income 56,253,921 39,039,042
Rent and electricity bills receivable from tenants 1,192,377 2,575,294
Legal and advertisement expenses recoverable from Moharam 2,151,171 1,576,508
Securities Ltd., Trendset Securities Ltd. (TSL) and Sylhet Metrocity
Securities Ltd.
Compensation against shares 28.02.02 1,463,213 1,463,213
Data broadcasting fee- ETV 210,000 175,000
Other receivables 417,536 312,182
TREC Renewal Income 545,000 3,795,000
CSE Investors' Protection Fund 90,144 26,372
Interest Receivable on Zero Coupon Bond 2,122,661 1,763,787
Depository Participant (DP) receivable 28.02.03 196,877 388,983
Receivable from CSE executives against Contribution to Prime - 246,267
Ministers Relief and Welfare Fund
Receivables against Provident Fund for Forfeited amount - 777,345
93,458,703 72,839,186
28.02.01 Receivable against capacity charge
This represents amount receivable from CSE TREC Holders as commission against their trade according to the following
category:
Tk 500,000 (Taka Five Lac) minimum and Tk 1,000,000 (Taka Ten lac) maximum for the period from July' 2020 to June'
2021
Tk 400,000 (Taka Four Lac) minimum and Tk 1,200,000 (Taka Twelve lac) maximum for the period from July' 2019 to
June' 2020

28.02.02 Compensation against shares 1,463,213 1,463,213

The amount represents the compensation receivable against 12 (twelve) scrips which were lost in course of transit.
Duplicate share certificates have been received from 7 (seven) issuers so far against the claim lodged by CSE. Of these, 5
(five) scrips were sold at Tk.622,563, which is Tk. 356,323 higher than the compensation paid in respect of these scrips.
Correspondences are being made with the issuers of the remaining scrips for issuing fresh share certificates against the
remaining scrips.

28.02.03 Depository participant (DP) charges receivable

Transaction fee & De-mat fee 196,877 388,983
196,877 388,983
29.00 Advances, deposits and prepayments
Advances 29.01 4,791,863 2,252,912
Deposits 29.02 2,507,702 1,455,202
Prepayments 29.03 20,823,440 32,152,178
122 Advance against car scheme 30.01 1,200,000 1,500,000
29,323,005 37,360,292
29.01 Advances
Advance for Land purchase 29.04 1,586,000 1,586,000
Other advances 29.05 3,205,863 666,912
4,791,863 2,252,912

29.02 Deposits - Security

Mr. Nurul Alam for office at Nikunjo, Dhaka 1,050,000 -
BTCL 632,000 632,000
RAJUK against application for allotment of land 600,000 600,000
Electricity 152,625 152,625
DDN Line Rent 45,577 45,577
Duncan Product Ltd. 5,000 5,000
Chittagong Club Ltd 20,000 20,000
Samurai Trading Co 2,500 -
2,507,702 1,455,202
 30 June 2021 30 June 2020
Taka Taka
29.03 Prepayments

Data communication, trading system, index and website 29.06 19,046,774 30,927,875
Insurance premium 1,073,358 928,276
Annual subscription of WFE 598,938 239,044
Issuer Book Entry Demat Register Maintenance 35,336 35,336
Domain Renewal and Hosting of CSE website 13,626 1,877
RND Technologies Ltd. for Antivirus 22,158 3,162
Land development tax 33,250 -
iRedmail- tredmail system for Email License - 16,608
20,823,440 32,152,178

29.04 Advance for land purchase 1,586,000 1,586,000

The amount represents the advance against land adjacent to CSE Building under the following registered deeds
(Bainanama):
Total amount Advance
Baina Ref. Party Date Area Rate
(Taka) (Taka)
Baina no. Ms. 08.05.12 0.0048 Acre or 1 Kora or 212 Tk 70 lac 1,717,593 1,586,000
8018 Khadija sft per Ganda
Begum
Total 1,717,593 1,586,000
29.05 Other advances
Advance commission on advertisement 30,080 37,500
Travelling, conveyance and office expenses 783 4,412
Advance for land litigation 75,000 75,000
Advance to DOT 5 Ltd for Interior Decoration of new office at Nikunjo, Dhaka 3,100,000 -

Advance to Sea Pearl Beach Resort & Spa, Biman Bangladesh Arlines and - 550,000
Shadin Travels Ltd for annual picnic
3,205,863 666,912

29.06 Data communication, trading system, index and website

Intellect Design Arena Pte Ltd. (Former: Polaris Software Lab Ltd.) 11,568,619 11,171,266
for Oracle Licences
Intellect Design Arena Ltd. (Former Polaris Financial Technology Ltd.) for 4,729,789 5,251,675
NGTS
NSE Indices Ltd. (Former: India Index Services & Products Ltd.) 405,515 404,406
Secure Socket Layer Certificate for website 31,827 13,028
Intellect Design Arena (former Polaris) for GO TX 2,306,721 -
123
Software Tools - Developer Express Inc 4,303 -
Millennium IT Software Ltd. for NGTS - 14,087,500
19,046,774 30,927,875

30.00 Advance against car scheme

Recoverable in more than one year 30.01 1,775,000 3,525,000

30.01 Advance against car scheme

Recoverable within one year 1,200,000 1,500,000
Recoverable in more than one year 1,775,000 3,525,000
2,975,000 5,025,000
 30 June 2021 30 June 2020
Taka Taka

31.00 Advance income tax

Opening balance 144,491,921 120,505,206
Less: Paid/adjusted during the year 30,374,638 23,986,715
Closing balance 114,117,283 144,491,921
32.00 Investment in FDRs
Trust Bank Limited 500,000,000 500,000,000
Shimanto Bank Ltd. 500,000,000 500,000,000
IFIC Bank Ltd. 500,000,000 -
Mercantile Bank Ltd. 500,000,000 -
Sonali Bank Ltd. 500,000,000 -
Janata Bank Ltd 465,000,000 -
Dhaka Bank Ltd. 400,000,000 100,000,000
Southeast Bank Ltd. 160,000,000 340,000,000
International Leasing & Financial Services Ltd. 140,000,000 140,000,000
Mutual Trust Bank Ltd. 130,000,000 500,000,000
Phoenix Finance & Investment Ltd. 100,000,000 125,000,000
One Bank Ltd. 100,000,000 30,000,000
Agrani Bank Ltd 100,000,000
Bangladesh Finance & Investment Co. Ltd. 90,000,000 100,000,000
Union Capital Ltd. 89,500,000 90,000,000
NCC Bank Ltd 40,000,000 -
Community Bank Ltd. 40,000,000 -
Delta Brac Housing Finance Corp. Ltd. 30,000,000 50,000,000
IPDC Finance Ltd. 30,000,000 50,000,000
Prime Finance & Investment Ltd. 27,500,000 30,000,000
Premier Leasing & Finance Ltd. 15,000,000 15,000,000
Shahjalal Islami Bank Ltd. - 20,000,000
The City Bank Ltd. - 250,000,000
Bank Asia Ltd. - 500,000,000
BRAC Bank Ltd. - 500,000,000
Eastern Bank Ltd - 500,000,000
United Commercial Banks Ltd. - 65,000,000
IDLC Finance Ltd. - 50,000,000
EXIM Bank Ltd. - 30,000,000
Lanka Bangla Finance Ltd. - 30,000,000
4,457,000,000 4,515,000,000

Following FDR balances are earmarked against Chittagong Stock Exchange Settlement Guarantee Fund and Gratuity
124 payable:

Earmarked against Bank/Financial Institution

Chittagong Stock Exchange Mutual Trust Bank Ltd. 130,000,000 150,000,000
Settlement Guarantee Fund Mercantile Bank Ltd 470,000,000 -
Southeast Bank Ltd. - 320,000,000
Dhaka Bank Ltd. - 60,000,000
 30 June 2021 30 June 2020
Taka Taka

Gratuity payable Souteast Bank Ltd 60,000,000 -

Mutual Trust Bank Ltd. - 80,000,000
Dhaka Bank Ltd. - 20,000,000
660,000,000 630,000,000

33.00 Cash and cash equivalents

Cash in hand:
Cash in hand 23,373 50,957
Cash at banks:
Current Trade 863,431 513,842
SND and STD Trade 230,736,510 135,989,230
231,599,940 136,503,072
231,623,314 136,554,029

34.00 Share capital

Authorised :
1,000,000,000 Ordinary shares of Tk. 10 each 10,000,000,000 10,000,000,000

Details of paid up share capital are as follows:

Shares fully paid in cash 44,400,000 44,400,000
(4,440,000 ordinary shares of Tk 10 each)
Bonus shares 6,300,848,400 6,300,848,400
(630,084,840 ordinary shares of Tk. 10 each issued upon
demutualization)
6,345,248,400 6,345,248,400
As per the Exchanges Demutualization Act 2013 CSE issued 4,287,330 ordinary shares of Tk 10 face value to each of 148
initial shareholders (including 2 forfeited share) against 1 share of Tk 300,000 face value. Of these shares, 60% i.e. 2,572,398
shares have been kept in a blocked account and 40% i.e. 1,714,932 shares have been transferred to the respective B.O.
account of the initial shareholders as per the requirement of the Exchanges Demutualization Act 2013.

34.01 Share forfeiture account

4,287,330 Ordinary Shares @ Tk.10 each of following TREC
TREC of Sylhet Metrocity Securities Ltd. 42,873,300 42,873,300
TREC of Moharam Securities Ltd 42,873,300 42,873,300
85,746,600 85,746,600
In line with the Rule 3 (1 A) of the Securities and Exchange Rules, 1987 and Regulations 8(1) (iii) of Chittagong Stock
Exchange (Trading Right Entitlement Certificate) Regulation, 2013 the board meeting held on 13 August 2018 decided to
forfeit 4,287,330 shares and TREC of Sylhet Metrocity Securities Ltd. and on the board meeting held on 15 January 2020
decided to forfeit 4,287,330 shares and TREC of Moharam Securities Ltd. 125

35.00 Gratuity payable

Opening Balance 95,578,206 86,954,622
Provided during the Year 11,632,881 8,789,904
Paid during the year (44,756,562) (166,320)
Closing Balance 62,454,525 95,578,206

36.00 Trade payables-clearing

Payable against trade 36.01 226,485,087 50,526,138
226,485,087 50,526,138
36.01 It represents amount payable to CSE Members on account of transactions during 28.06.21 to 30.06.21. Full amount was paid
after the reporting date.
 30 June 2021 30 June 2020
Taka Taka
37.00 Liabilities for expenses
Bangladesh Stock Dealers' Association 5,260,607 5,260,607
Communication expenses 37.01 2,839,526 2,140,303
Salaries and allowances payable 2,583,513 2,879,160
Annual maintenance charges 37.02 13,822,557 499,789
Payable to CDBL against Depository Participant and B.O Account 37.03 9,409,933 8,121,375
maintenance charges
Electricity, water and gas 603,396 550,620
Audit fee: Hoda Vasi Chowdhury & Co 135,900 135,900
Publication, printing and stationery 392,087 680,946
Security and cleaning services 225,144 231,707
Travelling, accommodation & conveyance 191,503 585,215
Repair and maintenance 333,183 196,270
Transportation expenses 237,500 239,800
Other payable against expenses 242,344 264,780
Legal and professional fee 37.04 261,500 416,750
Expenses for Innovation Program at Chittagong & Hobigonj 672,880 672,880
Service charge of Dhaka and Sylhet Office 82,355 94,355
Payable against purchase of office furniture 32,850 -
Advertisement Expenses 81,616 100,000
Trade Vission Ltd. for 2 Hemodialysis Machine for donation to Kidney - 2,210,000
Foundation
Board Meeting attendance fee payable to the Directors - 190,002
37,408,395 25,470,459
37.01 Communication expenses
Fiber @ Home Ltd. for data transmission 1,292,728 605,964
Link3 Technologies Ltd. for data communication and web hosting 435,122 481,865
Agni Systems Ltd. for data communication 475,420 572,020
BTCL for telephone and fax 264,000 146,000
Postage & others 32,101 58,829
BTCL for DDN and data communication 63,470 64,731
Drik ITC Ltd. for dark fiber connectivity 73,042 41,085
Telnet Communication Ltd for connectivity between CSE & CDBL with 47,516 9,000
redundant link
Mobile phone bill to operators 3,500 10,809
Datacraft Ltd. for Website Maintenance 150,000 150,000
Zoom Meeting Platform 2,627 -
2,839,526 2,140,303
37.02 Annual maintenance charges
126 Millennium IT Software (Pvt) Ltd- for NGTS 13,822,557 -
IndigoTX Software Pvt Ltd for GOTX Middleware - 499,789
13,822,557 499,789

37.03 Payable to CDBL against Depository Participant and BO Account Maintenance charges
Transaction fee & Demat fee 2,106,802 1,792,744
B.O Account maintenance fee 7,303,131 6,328,631
9,409,933 8,121,375
 30 June 2021 30 June 2020
Taka Taka
37.04 Legal and professional fee
Audit fee of CSE Employees Providend Fund 11,500 11,500
Amicus Corporate Advisory Group for CSE Proposed Building Project 250,000 250,000
Professional fee for submission of annual tax return - 155,250
261,500 416,750
38.00 Liabilities for other finance
Trade Margin 599,600 599,600
Annual listing income received in advance 52,069,303 26,319,782
Workers' profit participation and welfare fund 6,714,706 27,685,517
Value Point Capitals Limited 38.01 1,286,820 1,286,820
Members' clearing house security deposit 7,471,359 7,446,359
Commission & Contract charge 6,709,011 207,484
Advance against rent 10,364,500 2,660,590
Deposits of BO account holders 2,515,500 2,479,000
Advance against advertisement 243,000 231,600
Bid Money against issuance of forfeited shares of CSE 38.02 5,035,000 5,035,000
Amount received against investors of Trendset Securities Ltd. 2,922,026 2,922,026
Cash back rebate 201,513 201,513
Investors' Protection Fund 393,241 190,042
Provident Fund- Employees' subscription 398,766 1,613,378
Payable to Govt exchequer 225,167 243,361
CSE Employees' Welfare Council 86,704 88,239
Payable to BSEC 2,045,640 2,045,640
Security Deposit for Digital Booth of TREC Holders 1,300,000 -
Others 174,862 141,156
100,756,719 81,397,107

38.01 Value Point Capitals Limited

The balance has been arrived at after crediting sale proceeds of membership and debiting various payments on behalf of
Value Point Capitals Ltd. and other expenses incurred. Mr. Khondoker Rashed Ahmed, Ex-Managing Director of the
company has filed a Court case in November, 2004 claiming compensation from other two directors of the company and also
making CSE a party urging not to pay this amount to any one till the adjudication of the case. The case is pending in the
Court of 3rd Joint District Judge for hearing.

38.02 Bid money against issueance of forfeited shares of CSE

Nutriqual Ltd. on account of Trendset Securities Ltd 860,000 860,000
MTB Securities Ltd on account of Sylhet Metrocity Securities Ltd 4,175,000 4,175,000
5,035,000 5,035,000

39.00 Unclaimed dividend 89,299,508 65,430,870 127

The above amount represent 6% cash dividend against 5 Share Holders for the year ended 31.12.2015, 5 Share Holders for
the year ended 30.06.17, 5% cash dividend against 8 Share Holders for the year ended 30.06.2018, 11 Share Holders for
the year ended 30.06.2019 and 18 Share Holders for the year ended 30.06.2020

For the year ended 31.12.15 11,833,031 14,405,429

For the year ended 30.06.17 9,873,986 12,246,384
For the year ended 30.06.18 12,368,878 13,912,543
For the year ended 30.06.19 20,067,507 24,866,514
For the year ended 30.06.20 35,156,106
89,299,508 65,430,870
 30 June 2021 30 June 2020
Taka Taka
40.00 Capital expenditure commitments
An amount of Tk 131,593 has to be paid against land under the Bainanama (No. 8018 dated 08.05.12 ) for 212 sft land.

An amount of Tk 3,100,000 has to be paid to "DOT5 Private Ltd" for interior decoration work of Dhaka office at Nikunjo
1.
An amount of Tk 74,000 has to be paid to "Thakral Information System Ltd" for HP Probook Laptop
An amount of Tk 106,000 has to be paid to "Computer Village" for 2 nos HP Prodesk core i5 Laptop

41.00 Particulars of employees Number of Employees

30 June 2021 30 June 2020
Employees drawing more than Tk. 3,000 per month 84 89
Employees drawing less than Tk. 3,000 per month - -

42.00 Contingent liabilities

The company had no contingent liabilities at the reporting date.
43.00 Events after reporting date
The Board of Directors at the meeting held on 6th October 2021 has recommended 4% cash dividend for the year ended 30
June 2021.

128
129
 (i) When measuring the fair value of an asset or a liability, the Company uses observable market data as
far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the
inputs used in the valuation technique as follows:
Level 1: quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
(ii) The Company has not disclosed the fair values of financial instruments such as trade receivables
and payables, because their carrying amounts are a reasonable approximation of fair values.

B.Financial risk management

The Company has exposure to the following risks from its use of financial
a) Credit risk
b) Liquidity risk and
c) Market risk
Risk management framework
The company management has overall responsibility for the establishment and oversight of the
Company's risk management framework. The company's management policies are established to
identify and analyze the risks faced by the company to set appropriate risk limits and controls and to
monitor risks and adherence to limit. Risk management policies, procedures and systems are reviewed
regularly to reflect changes in market conditions and the company's activities.
a) Credit risk
Credit risk is the risk of financial loss if a customer fails to meet its contractual obligations which arise
principally from the Company's receivables from TREC holders/members. Moreover, trading or
transaction of stocks leads to some credit risk for the company as fee received from transactions is the
main source of income.
Exposure to credit risk
The trading and carrying amount of financial assets shown in the Statement of Financial Position
represent the maximum credit exposure. The maximum exposure to credit risk at the reporting date was
as follows :

30 June 2021 30 June 2020

Taka Taka
130
Trade receivables-clearing 127,297,915 20,143,475
Trade receivables-others 203,748,895 232,273,270
Advances and deposits 29,323,005 37,360,292
Investment in FDRs 4,457,000,000 4,515,000,000
Cash at bank 231,599,940 136,503,072
Investment in Zero Coupon Bond 132,782,700 52,347,592
5,181,752,456 4,993,627,701

Ageing of Trade Receivables-Clearing

The ageing of accounts receivable clearing and Trade receivable others at the end of the reporting
period that were not impaired was as follows:
0-90 days 127,297,915 20,143,475
 b) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash. The Company's approach to managing liquidity is to ensure, as far as possible,
that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed condition, having
sufficient capability to manage unacceptable loss, if arising, or risking damage to the Company's reputation.
The following are the contractual maturities of financial liabilities:
In Taka At 30 June 2021
Contractual cash flows
Non-derivative financial Carrying Within 12 Within 2-5 More than 5
Other Total
liabilities amount months years years
Trade payable - clearing 226,485,087 226,485,087 - - - 226,485,087
Gratuity payable 62,454,525 - 62,454,525 - - 62,454,525
Liability for expenses 37,408,395 22,064,974 15,343,420 - - 37,408,394
Liability for other finance 100,756,719 78,112,414 13,886,126 8,758,179 - 100,756,719
427,104,726 326,662,475 91,684,071 8,758,179 - 427,104,725
In Taka At 30 June 2020
Contractual cash flows
Non-derivative financial Carrying Within 12 Within 2-5 More than 5
Other Total
liabilities amount months years years
Trade payable - clearing 50,526,138 50,526,138 - - - 50,526,138
Gratuity payable 95,578,206 - - - 95,578,206 95,578,206
Liability for expenses 25,470,459 12,088,477 13,381,982 - - 25,470,459
Liability for other finance 81,397,107 67,524,338 5,139,590 8,733,179 - 81,397,107
252,971,910 130,138,953 18,521,572 8,733,179 95,578,206 252,971,910

c) Market risk
Market risk is the risk that arises from the economic, political, competitive and regulatory environment within which the
Company operates. The main market risks are clients and competition, changing regulatory environment and fiscal regime
and political environment. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimizing the return.

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 45.00 Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial
statements and have been applied consistently by the company except otherwise stated.
45.01 Revenue Recognition
Revenue is recognized when the company satisfies a performance obligation as specified in the contract with
customers as per IFRS-15.
i) The Company accounts for a contract only when,
a) The contract is approved (written, oral or implied by an entity’s customary business practices),
b) The rights and payment terms regarding goods and services to be transferred can be identified,
c) The contract has commercial substance,
d) It is probable that the consideration will be received (considering only the customer’s ability and
intention to pay).
ii) At contract inception, the Company assesses the goods or services promised in a contract with a customer
and identifies each promise to transfer goods or services to the customer as a performance obligation.
Performance obligations are the contractual promise by an entity, to transfer to a customer, distinct goods or
services, either individually, in a bundle, or as a series over time.
iii) The Company determines the transaction price which is the amount of consideration an entity expects to be
entitled to in exchange for transferring the promised goods or services (not amounts collected on behalf of
third parties, e.g. sales taxes, VAT, etc.).
iv) The Company allocates the transaction price to each performance obligation in an amount that depicts the
amount of consideration to which the Company expects to be entitled in exchange for transferring the
promised goods or services to the customer.
v) The transaction price allocated to each performance obligation is recognized when the performance
obligation is satisfied at a point in time or over time.
45.02 Foreign currency translations
Transactions in foreign currencies are translated to the functional currency (BD Taka) at exchange rates at the
dates of respective transactions. Monetary assets and liabilities denominated in foreign currencies at reporting
date are retranslated into Bangladesh Taka at the exchange rates ruling at the statement of financial position
date. Non-monetary assets and liabilities denominated in foreign currencies, stated at historical cost, are
translated into Bangladesh Taka at the exchange rate ruling at the date of transaction. Foreign exchange
differences arising on translation are recognized in profit or loss.
45.03 Employee benefits schemes
45.03.01 Defined contribution plan
A defined contribution plan is a post-employment benefit plan under which the company pays fixed
contributions into a separate fund and will have no legal or constructive obligation to pay further amounts. The
Recognized Employees’ Provident Fund is being considered as defined contribution plan as it meets the
recognition criteria specified for this purpose.
Obligation for contribution to defined contribution plan is recognized as Provident Fund Contribution expense
in statement of profit or loss and other comprehensive income in the period during which services are rendered
132 by employees.
Both the confirmed employee and the Exchange contribute equal amount (10% of basic salary) towards the
fund.
45.03.02 Defined Benefit Plan-Gratuity
The Exchange provides gratuity benefits to its employees working for more than five (5) years based on basic
salary. It is calculated based on a fraction multiplied by last basic salary and length of service. The fraction
depends on the length of service. It is 1.25, 1.50 and 2.00 for 5-7 years, 7-10 years and more than 10 years
respectively.
45.03.03 Car Loan
The Exchange provides car loan facility to its executives under the car scheme of the Exchange.
45.04 Property, plant and equipment
Items of Property, Plant and Equipment are stated at cost less accumulated depreciation and accumulated
impairment losses.

45.04.01 Recognition and measurement

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-
constructed/installed assets includes the cost of materials and direct labour, any other costs directly attributable
to bringing the assets to a working condition for its intended use, and the cost of dismantling and removing the
items and restoring the site on which they are located.
When parts of an item of fixed assets have different useful lives, they are accounted for as separate items (major
components) of fixed assets.
The gain or loss on disposal of an item of fixed assets is determined by comparing the proceeds from disposal
with the carrying amount of the fixed assets, and is recognized on net basis under Non-operating
income/expenses in the statement of comprehensive income.

45.04.02 Subsequent costs

The cost of replacing part of an item of fixed assets is recognized in the carrying amount of the item if it is
probable that the future economic benefits embodied within the part will flow to the company and its cost can be
measured reliably. The costs of the day-to-day servicing of fixed assets are recognized in statement of
comprehensive income as incurred.
45.04.03 Depreciation
Depreciation on Property, Plant and Equipment is calculated on Straight Line method applying the rates so as to
write off assets over their expected useful lives. Depreciation is charged from the month in which the assets
comes into use or is capitalized. No depreciation is charged on the assets retired during the year.
The rates of depreciation/amortization are as follows:
Rate
Particulars (%)
Leasehold land 1.07%
Building (Dhaka and Sylhet Commercial space and Chittagong Building ) 3.50%
Books, Furniture and Fixture, Office renovation, Fire Alarm System and Other assets 10%
Generator 15%
Electrical Sub-station, Office Equipment, Air Conditioner, Vehicles, Computers, Access 20%
Control System and Electric Fittings.
45.05 Automation
45.05.01 Recognition and measurement
Services and Equipments under automation are stated at cost less accumulated amortization/depreciation.
45.05.02 Intangible asset
Intangible assets are initially recognized at cost. Software and consultancy are the intangible assets of the
company. After initial recognition, an intangible asset is recognized at its cost less any accumulated amortization 133
and any accumulated impairment losses.
Amortization methods, useful lives and residual values are reassessed at the reporting date and adjusted, if
appropriate.

45.05.03 Amortization/depreciation
Amortization/depreciation on automation is calculated on straight line method applying the rates so as to write
off these assets over their expected useful lives. Amortization/depreciation is charged on the assets from the
month in which the assets comes into use or is capitalized. No amortization/depreciation is charged on the assets
retired during the year.
The rates of amortization/depreciation are as follows:
Rate
Particulars (%)
Automation Services and Equipments (Other than NGTS software) 20%
Next Generation Trading System (NGTS)-Hardware 10%
Next Generation Trading System (NGTS)-Software 6.67%
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